Japan completes domestic procedures to ratify CPTPP
Updated : Saturday, July 07, 2018 10:42 AM (GMT+0700)

Japanfulfilled domestic procedures on July 6 for the ratification of theComprehensive and Progressive Agreement for Transpacific (CPTPP), becoming thesecond member to do so after Mexico.

Signing ceremony of the CPTPP in Chile in March - Photo: VNA

The completion means fourmore countries need to finish their domestic processes for the pact to takeeffect.

Japan’s economy will likelyget an 8 trillion yen (72.28 billion USD) boost from the deal even whenagricultural and sea products may experience a loss of up to 150 billion yen(1.3 billion USD), the government estimated.

The Diet has enactedlegislation to provide support for Japanese livestock farmers exposed toforeign competition while extending intellectual property rights in line withthe deal’s regulation. 

Japanese Prime MinisterShinzo Abe will sign a free trade agreement with the European Union next week,showing Tokyo’s determination to promote free trade.

The original Trans-Pacific Partnership(TPP) was signed by 12 countries in February 2016 but US President Donald Trumppulled his country from the deal upon his inauguration in January 2017.

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.

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.


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