Japan joins trans-Pacific trade negotiations

Via Itar Tass

The Japanese government has officially joined today multilateral talks on the Trans-Pacific Partnership /TPP/ formation - a new integration association in the Pacific Ocean. This was officially announced in the Malaysian city of Kota Kinabalu, where is taking place the next round of consultations on the establishment of this organization.

From now on, 12 countries are taking part in the negotiations on the formation of TPP. Initially, the talks entered Chile, New Zealand, Brunei and Singapore. Later, the United States, as well as Australia, Vietnam, Malaysia and Peru joined the negotiations. Last year, Canada and Mexico also got an invitation to participate in developing the principles of trade between the Trans-Pacific partners. Nevertheless, China, which is rapidly strengthening its position in the Asia-Pacific region, hasn’t been invited to take part in the process.

The Trans-Pacific Partnership is a trade pact, assuming the complete abolition of customs duties and other restrictions in the movement of goods and services. If this association is created, it will account for 40% of global GDP and about one-third of world trade volumes.

Japan is specifically interested in the elimination of tariffs and other restrictions on the supply of its manufactured goods, including cars. However, it wants to keep tariffs on imports of certain agricultural products, such as rice, wheat, beef, pork, dairy products and sugar. Japan hopes to protect its farmers from competition. This position meets antagonism from the major food producers, primarily the United States and Australia.