Abe declares Japan will join TPP free-trade process
Source: Japan Times
After taking time to lay the groundwork amid pressure from lobby groups and lawmakers from rural constituencies, Prime Minister Shinzo Abe formally announced Friday that Japan will join the Trans-Pacific Partnership free-trade talks.
Abe’s government also unveiled its estimate of the possible economic impacts of joining the trade initiative, showing Japan’s participation would drive up its gross domestic product by 0.66 percent, or around ¥3.2 trillion, but that production in the farm, fishery and forestry sectors could decrease by ¥3 trillion annually if all tariffs are abolished unconditionally.
“The TPP is turning the Pacific Ocean into an inland sea and a huge economic zone,” Abe told reporters at his office.
As 11 member countries have already spent the last three years deciding rules to free up trade, services and investment in the Pacific Rim, Japan needs to actively engage in the talks to make them as advantageous as possible for the country, Abe said.
Read more: http://www.japantimes.co.jp/news/2013/03/16/business/abe-declares-japan-will-join-tpp-free-trade-process/#.UUOUbFegjrF
Statement from Sen. Debbie Stabenow:
"The United States should not allow Japan to lock in an uncompetitive advantage over American companies and workers. Opening U.S. markets to more Japanese products while Japan keeps its market closed to American automakers simply does not make sense. Japan needs to take concrete, unequivocal actions to open its automobile market before it is allowed to join the Trans-Pacific Partnership."
http://www.stabenow.senate.gov/?p=press_release&id=976
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