The cabinet of Japanese Prime Minister Shinzo Abe ratified the Trans-Pacific Partnership (TPP) on January 20, one month after the country’s parliament passed the agreement and related laws.
Tokyo (VNA) – The cabinet of Japanese PrimeMinister Shinzo Abe ratified the Trans-Pacific Partnership (TPP) on January 20,one month after the country’s parliament passed the agreement and related laws.
The moves mean that Japan has fully completed necessary domestic procedures forthe ratification of the trade deal.
Speaking at a TPP-related meeting, Minister in charge of the pact NobuteruOshihara said that Tokyo has notified New Zealand, where the pact is entrusted,that Japan had completed its domestic procedures.
He affirmed that Japan will be determined to build a common foundation tounderpin the agreement.
TPP was signed by 12 member countries in February 2015 after five years ofnegotiation. However, the free trade deal appears unlikely to be enforced as USPresident-elect Donald Trump pledged to pull the US out of TPP as he takesoffice.
However, many member countries affirmed to continue pursuing the deal. At therecent 24th APEC Economic Leaders’ Meeting in Lima of Peru, theyalso discussed the promotion of a TPP without the US.
TPP groups Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand,Peru, Singapore, the US and Vietnam.
Once effective, it will help remove thousands of tariff barriers and betterensure the rights of labourers in member countries. According to economics, TPPaccounts for 40 percent of global economy and adds nearly 300 billion USD tothe world’s GD annually.-VNA
Japanese PM Shinzo Abe and his Singaporean counterpart Lee Hsien Loong discussed the Trans-Pacific Partnership (TPP) agreement and the East East issue at a meeting in Tokyo on September 28.
The Trans-Pacific Partnership (TPP) agreement, once approved by its member countries, is expected to benefit trade ties between Vietnam and Mexico thanks to tax preferences.
Vietnam will continue its reform to improve business and investment environment to support enterprises and negotiate other agreement whether Donald Trump thwarts the Trans-Pacific Partnership or not.
Leaders of 12 member states of the Trans-Pacific Partnership (TPP) have agreed to step up efforts to implement the free trade agreement as US President-elect Donald Trump has opposed the deal.
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This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Japanese Prime Minister Shinzo Abe (Photo: VNA) 
