Fri. Apr 10th, 2020

Japan highlights the importance of the upcoming entry into force of TPP11

Japan highlights the importance of the upcoming entry into force of TPP11

Japan stressed the importance for strengthening free trade of Australia's decision to ratify today the trans-Pacific agreement known as TPP11, a step that will allow it to enter into force on December 30 next.

"We are going to actively seek to strengthen the free and fair world trade system," said Japanese Prime Minister Shinzo Abe, referring to the matter in a parliamentary session after the announcement of the Australian decision.

Australia today became the sixth country to ratify the Integral and Progressive Treaty of Trans-Pacific Partnership, signed by eleven nations in Chile on March 8, after the US decided in 2017 to be outside the original agreement.

Japan, the third world economic power and that has been firmly defending free trade, was one of the first nations to ratify the TPP11, but five more nations were needed to enter into force 60 days after the sixth ratification.

The six countries that have already taken that step are, in addition to Japan and Australia, Mexico, Singapore, New Zealand and Canada. They are also signatories of TPP11 Brunei, Chile, Malaysia, Peru and Vietnam.

For his part, the Japanese Minister of Economic Revitalization of Japan, Toshimitsu Motegi, insisted that the entry into force of the TPP11 will reaffirm the "vision in favor of free trade" promoted by the signatory nations.

"We are seeing the importance of creating free and fair rules for the growth of the 21st century against the backdrop of increasing global protectionism," Motegi said.

The decision adopted by Australia is known as long as the trade war between the two most important economies, the United States and China, persists, with collateral impact in other countries, which has raised fears of growing protectionist tendencies.

The Japanese minister said that there is an intention to convene a meeting at ministerial level among the signatory countries of the TPP11 at the beginning of next year, after the free trade pact in the region comes into effect.

The United States was left out of this initiative following the decision of its president, Donald Trump, to withdraw from the original TPP, a measure he adopted on January 23, 2017, three days after his arrival at the White House.


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