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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Japan wants new free trade pacts: PM AFP - Sunday, January 30 Send IM Story Print Japan wants new free trade pacts: PM Slideshow: Full Photo Coverage: Business & Economy DAVOS, Switzerland (AFP) - – Japanese Prime Minister Naoto Kan on Saturday vowed to join the race to conclude new bilateral and regional trade pacts, saying that the country needed to further open up to the world. In a speech outlining his vision to business leaders gathered in Davos, Kan said Japan had lagged behind and it was time for talks with the European Union on a free trade agreement as well as to join a Pacific trade pact. The Japanese PM also stressed the importance of the Asian state's alliance with the United States in maintaining the stability of the region. However, he steered clear of mentioning the country's crippling debt, which prompted a credit rating downgrade this week by agency Standard & Poor's and which sent the yen plunging. "Japan has, for the past ten years, been virtually at a standstill while a number of countries promoted bilateral and intra-regional economic partnerships," he noted. The country now wants to forge ahead with discussions for the US-backed Trans-Pacific Partnership, and will decide by June on whether to join formal negotiations, he said. "We also very much look forward to beginning negotiations this year with the EU, another important trade partner for Japan," he added. Japan's move to push for an EU trade pact was prompted by South Korea's success in securing a free trade deal with the 27-member bloc last year. The South Korean pact had fuelled fears in Japan that domestic companies would lose out in competitiveness to their South Korean rival. The prime minister also touched on geopolitical stability, stressing that the Japan-US alliance "is becoming even more important." "Together with the United States, Japan would like to contribute to peace and stability of the Asia-Pacific region and we would like to play this solid role," he said. Recommend Send IM Story Print Related Articles India courts new money as investment slides AFP - 29 minutes ago MOVES-Dubai's Gulf Navigation names Garwood as CFO Reuters - 33 minutes ago US-BUSINESS Summary Reuters - 2 hours 31 minutes ago MIDEAST STOCKS - Factors to watch - Jan30 Reuters - 2 hours 56 minutes ago Fight to finish on US-S.Korea trade pact AFP - Sunday, January 30 News Search Top Stories Gulf stock markets down on Egypt concerns Ivory Coast ballot recount 'grave injustice': Ban 'Milestone' WTO ruling due in EU-US Boeing battle Irish senate passes bailout bill ahead of election Saudi bourse plunges 6.43% on Egypt tensions More Top Stories » Related Full Coverage Free TradeFree Trade All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Charlie Sheen rushed to hospital after 'wild' party Flu epidemic shuts all Moscow schools Saudi bourse plunges 6.43% on Egypt tensions US growth hits highest level in five years France says troubled euro has 'turned the corner' More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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