chapter
4 Pages

of high of agri- of agriCUltural

growth. In June of that year the Japan-U.S. Security Treaty was concluded, stipulating the countries' economic as well as military cooperation. At the same time the Japanese government laid down its "Fundamental Principles on the Liberal- ization of Trade and Foreign Exchange." These had the aim of raising the country's trade liberalization rate to 80 percent in three years. In December the govern-

In line with the "Fundamental Principles on Liberalization," a series of agricultural goods was designated for step-by-step import liberalization; coffee beans and cattle in 1960; fresh vegetables and soybeans in 1961; raw silk in 1962; bananas, raw sugar, coffee, and honey in 1963; and so on. A system of automatic granting of import permits had already been adopted with regard to feed com, the item representing the largest share in Japan's total import of agriCUltural goods, and natural cheese. In February 1963 Japan became a GATT Article 11 member, and was thus barred from establishing or maintaining any trade prohibition or restriction except for tariff surcharges. In 1964 Japan became an International Monetary Fund Article 8 member and joined the Organization of European Community Development, creating an environment in which Japanese capitalism was able to fully enter the international market.