Japan intends to join TPP talks

   The Japanese government announced it intends to join the Trans-Pacific Partnership negotiations.
   The TPP is a free trade agreement currently under negotiation between 11 countries, including Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
   Trade groups welcomed the possibility of including Japan in the TPP.
   “The inclusion of Japan – the third largest economy in the world – would be significant to the TPP negotiations, as it would have the potential to further increase U.S. economic engagement in the Asia-Pacific region and expand unprecedented market access for U.S. businesses, workers, farmers and service providers,” said Chuck Dittrich, National Foreign Trade Council’s vice president for regional trade initiatives, in a statement.
   However, he added “we also caution that with Japan’s inclusion, it is critical that efforts to achieve a high-standard final agreement be maintained. For this to happen, Japan must be committed to dismantle deeply-rooted tariff and non-tariff barriers to trade in key sectors, including autos, insurance, pharmaceuticals and agriculture.”
   The Obama administration has indicated its intention to conclude the TPP negotiations this year.
   “As the United States and other TPP partners seek to expand membership further, it is critical to maintain momentum while still abiding by the core commitment to a comprehensive agreement that precludes no sector and addresses all issues relevant in today’s integrated global economy,” said NFTC President Bill Reinsch.