TPP May Take Effect by Year-End; Membership Expansion Talks Eyed
Tokyo, Oct. 28 (Jiji Press)--Amid the growing possibility of the 11-nation Trans-Pacific Partnership free trade pact taking effect by year-end at the earliest, the Japanese government has started work on hosting a ministerial meeting among the members soon after its effectuation for discussions mainly on admission of new members, informed sources have said.
By facilitating trade liberalization and setting up high-standard trade and investment rules, Japan and the other 10 TPP member countries apparently hope to keep a check on the administration of U.S. President Donald Trump, which is taking protectionist policies.
The pact was signed by the 11 countries in March this year, after the United States withdrew from the original TPP early last year.
The 11 TPP countries account for 13 pct of the world economy in terms of gross domestic product, smaller than the combined GDP share of about 40 pct for the 11 plus the United States.
Still, Japan hopes that the new TPP will issue a strong message for the creation of a system backed by new trade rules that are free and fair.
[Copyright The Jiji Press, Ltd.]