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Abe To Push For Japanese TPP Ratification

by Mary Swire, Tax-News.com, Hong Kong

08 September 2016


Japanese Prime Minister Shinzo Abe has said his Government will "dedicate its greatest possible effort" to securing the early entry into force of the Trans-Pacific Partnership.

Speaking at the Association of Southeast Asian Nations (ASEAN) Business and Investment Summit, Abe said the TPP is key to Japan's growth strategy. He stressed that, as the TPP "was agreed after clearing political hurdles," its signatories "must not allow it to come to a standstill."

"Securing domestic approval as early as possible will give momentum to early entry into force. Japan will dedicate its greatest possible effort to this issue," he added.

Abe also explained that Japan will support ASEAN countries wishing to participate in the TPP, noting that the agreement "is a framework that allows for participation as each country becomes prepared to do so."

The TPP was signed on February 4 by Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam. It will eliminate or reduce remaining tariff and non-tariff barriers on industrial goods and provide preferential access for trade among the TPP countries. Approximately 86 percent of tariffs on industrial goods will be eliminated upon the agreement's entry into force.

TAGS: investment | free trade agreement (FTA) | Brunei | Chile | tariffs | trade treaty | investment treaty | Australia | Mexico | Singapore | agreements | Canada | Malaysia | New Zealand | Peru | United States | trade | Japan | Vietnam | Invest

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