- Conclusion of new TPP deal could forestall US protectionist pressure
Nov 15, 2017-
An important step has been taken to put the brakes on protectionism, which has been growing in the US. Japan must strengthen solidarity among the countries concerned to work toward putting into effect a fresh agreement as an engine to promote free trade. The eleven countries, without the US, participating in the Trans-Pacific Partnership free trade pact have reached a broad agreement on a new deal. The TPP pact covers a wide range of fields, including intellectual property rights and the reduction and abolition of tariffs. It represents a set of high-level rules that can be regarded as a next-generation standard for world trade. It is extremely significant that moves have started anew to conclude this trade deal covering the Asia-Pacific region. The U.S. administration has been advocating a parochial “America-first” policy. Trump aims to reduce trade deficits with Japan and shows a keen interest in launching bilateral FTA talks. For Japan, the TPP could work as a safety valve to let off any pressure applied by the United States. This is because it is possible to assert that Japan is not able to make more concessions in negotiations with the United States alone for a bilateral trade deal than in the TPP deal, which has been negotiated by taking into consideration the possibility of entering markets other than the US.
Published: 15-11-2017 07:47