Japan PM Announces Withdrawal of Russia from Most Favored Nation Treatment, Raise Duties on Seafood
Fourteen countries and regions, including Japan, the United States, and Europe, which are members of the World Trade Organization (WTO), issued a joint statement by March 15 to take every action, including the withdrawal of the "most favored nation" trade incentive for Russia, which continues to invade Ukraine. The Japanese government has also decided to suspend "most favored nation treatment." If the preferential tariff rate is eliminated, the import cost of crab, which has an exceptionally high unit price, will rise significantly...
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