Japan enacts law to ratify CPTPP
Updated : Thursday, June 14, 2018 9:35 AM (GMT+0700)

TheJapanese Diet on June 13 enacted a law to ratify the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP), moving a stepcloser to complete domestic procedures, according to Kyodo news.

 
The remaining 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia,
Mexico, New Zealand, Peru, Singapore and Vietnam, signs the pact and rename it the
CPTPP in March 2018 in Chile - Photo: VNA

Following the US withdrawal,Japan and 10 other nations aim to put the deal into force by the end of thisyear. 

The pact will take effectafter at least six member countries ratify it.

Japan still has to enact aseparate bill to implement domestic measures in connection with the agreement,such as support for livestock farmers who will be exposed to competition fromforeign rivals.

The country is expected tobecome the second nation to ratify the deal after Mexico, which has alreadycompleted domestic procedures.

The original Trans-PacificPartnership (TPP) was signed by 12 countries in February 2016 but US PresidentDonald Trump pulled his country from the deal upon his inauguration in January2017. 

The remaining 11 countries,namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand,Peru, Singapore and Vietnam, signed the pact and renamed it the CPTPP in March2018 in Chile.

The pact is expected toboost economic growth, create more jobs, reduce poverty and improve the qualityof life for people in member countries.

It delivers a strong messageagainst the protectionism in the world.

The deal will create one ofthe world’s largest free trade blocs with a combined market of 499 millionpeople and GDP of around 10.1 trillion USD, accounting for 13.5 percent of theglobal GDP.

Source:VNA

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