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Japan takes symbolic step to endorse TPP which Trump has vowed to leave
JAPAN's parliament has ratified the Trans-Pacific Partnership (TPP) trade agreement, a mostly symbolic step because of opposition by President-elect Donald Trump that is forcing Tokyo to look at other free-trade deals.
Mr Trump said last month he would pull the US out of the 12-nation TPP on his first day in office in January. The agreement requires US ratification to come into force.
Assuming the president-elect carries out his pledge, Japan has several options: pursue the TPP without the US, negotiate a two-way trade deal with the US or prioritise free trade with other countries, reports Reuters.
"Japan will probably work on all of these options," said Noboru Hatakeyama, a former vice trade minister and president of the Institute for International Trade and Investment.
Prime Minister Shinzo Abe, while acknowledging that the odds are against him, has said he still hopes to persuade Mr Trump to revive the TPP.
The Japanese PM said that parliament's ratification of TPP would send a message about the importance of regional free trade. The upper house voted 165-70 to approve the pact, following earlier approval by the lower house.
"Japan's population is declining. If Japan is to maintain growth, it has to tap into Asia, which has a growing population and an expanding market," Mr Abe said.
Mr Trump said last month he would pull the US out of the 12-nation TPP on his first day in office in January. The agreement requires US ratification to come into force.
Assuming the president-elect carries out his pledge, Japan has several options: pursue the TPP without the US, negotiate a two-way trade deal with the US or prioritise free trade with other countries, reports Reuters.
"Japan will probably work on all of these options," said Noboru Hatakeyama, a former vice trade minister and president of the Institute for International Trade and Investment.
Prime Minister Shinzo Abe, while acknowledging that the odds are against him, has said he still hopes to persuade Mr Trump to revive the TPP.
The Japanese PM said that parliament's ratification of TPP would send a message about the importance of regional free trade. The upper house voted 165-70 to approve the pact, following earlier approval by the lower house.
"Japan's population is declining. If Japan is to maintain growth, it has to tap into Asia, which has a growing population and an expanding market," Mr Abe said.
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