Representatives of countries joining the signing ceremony of the CPTPP in Chile in March 2018 (Photo: VNA)Tokyo (VNA) – The Japanese Diet on June29 enacted a bill to implement domestic procedures before the ratification ofthe Comprehensive and Progressive Tran-Pacific Partnership (CPTPP).
The move set the stage for Japan to finalise itsdomestic arrangements in early July as it still needs to revise relevantgovernment ordinances, according to Kyodo News.
The bill includes support for Japanese livestockfarmers who will be exposed to foreign competition and extending intellectualproperty rights in line with the CPTPP.
The Japanese government hopes to finish itsdomestic processes and pave the way for the pact to come into force possiblythis year amid growing concerns about US President Donald Trump's protectionistpolicies and fears of trade friction.
Earlier, Minister in charge of the CPTPP inJapan Toshimitsu Motegi said Japan is expected to become the second nationto ratify the deal after Mexico - which has already completed domesticprocedures.
The pact will take effect after at least sixmember countries ratify it.
The original Trans-Pacific Partnership (TPP) wassigned by 12 countries in February 2016 but US President Donald Trump pulledhis 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, Singaporeand 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 inmember countries.
It delivers a strong message against theprotectionism in the world.
The deal will create one of the world’s largestfree trade blocs with a combined market of 499 million people and GDP of around10.1 trillion USD, accounting for 13.5 percent of the global GDP.-VNA
VNA
