Representatives of countries joining the signing ceremony of the CPTPP in Chile in March 2018 (Photo: VNA) Tokyo (VNA) – The Japanese Diet on June 29 enacted a bill to implement domestic procedures before the ratification of the Comprehensive and Progressive Tran-Pacific Partnership (CPTPP).
The move set the stage for Japan to finalise its domestic arrangements in early July as it still needs to revise relevant government ordinances, according to Kyodo News.
The bill includes support for Japanese livestock farmers who will be exposed to foreign competition and extending intellectual property rights in line with the CPTPP.
The Japanese government hopes to finish its domestic processes and pave the way for the pact to come into force possibly this year amid growing concerns about US President Donald Trump's protectionist policies and fears of trade friction.
Earlier, Minister in charge of the CPTPP in Japan Toshimitsu Motegi said Japan is expected to become the second nation to ratify the deal after Mexico - which has already completed domestic procedures.
The pact will take effect after at least six member countries ratify it.
The original Trans-Pacific Partnership (TPP) was signed by 12 countries in February 2016 but US President Donald Trump pulled his country from the deal upon his inauguration in January 2017.
The remaining 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, signed the pact and renamed it the CPTPP in March 2018 in Chile.
The pact is expected to boost economic growth, create more jobs, reduce poverty and improve the quality of life for people in member countries.
It delivers a strong message against the protectionism in the world.
The deal will create one of the world’s largest free trade blocs with a combined market of 499 million people and GDP of around 10.1 trillion USD, accounting for 13.5 percent of the global GDP.-VNA
VNA
