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US approves Japan's entry into trans
WASHINGTON The United States on Friday approved Japan's entry into negotiations on the TransPacific Partnership, a critical step for Tokyo's inclusion in a regional trade pact that underpins the Obama administration's efforts to boost exports to Asia. concern. But they will need to hold further negotiations in parallel with the TPP talks to further iron out their differences.
Japan's admission into the TPP negotiations still requires approval from the other 10 nations involved, and "the completion of our respective domestic processes,[link widoczny dla zalogowanych]," the statement said. exports. Michigan Republican Rep. Dave Camp, chairman of the powerful House Ways and Means Committee, said he would not endorse Japan's participation without assurances it wouldn't diminish the scope of the negotiations or delay the goal of concluding the negotiations this year already viewed as a tough deadline.
Providing the other nations endorse Japan's participation, Friday's announcement could pave the way for it to join the next round of TPP negotiations in July.
The pact aims to reduce duties on a wide range of goods and services and ease regulatory and other nontariff barriers to trade. aside, its GDP exceeds the combined total of the other participating nations: Australia, Canada, Malaysia, Mexico, Vietnam, Chile,[link widoczny dla zalogowanych], New Zealand, Brunei, Singapore and Peru. If Japan is admitted, the TPP countries would account for nearly 40 per cent of global GDP and about onethird of all world trade.
China,[link widoczny dla zalogowanych], the world's secondlargest economy, is not taking part.
Japanese Prime Minister Shinzo Abe announced his country's intent to join TPP just a month ago as part of efforts to revive a longslumbering economy. But he still faces considerable domestic opposition to the pact, not least from Japan's heavily subsidized farmers, who are a traditional bastion of support for the ruling Liberal Democratic Party. for every American vehicle sold to Japan,[link widoczny dla zalogowanych], and that an undervalued yen is giving an unfair advantage to Japanese producers.
In a sign of progress,[link widoczny dla zalogowanych], Friday's statement said that Japan has agreed to more than double the number of motor vehicles eligible for preferential imports.
Reaction from lawmakers to the administration's announcement was mixed.
Sen. Orin Hatch of Utah,[link widoczny dla zalogowanych], senior Republican on the Senate Finance Committee, said Japan's entry into negotiations would represent a historic opportunity to open up one of the world's largest export markets where American products have faced barriers for decades. But Democratic Sen. companies.
"Any agreement that allows Japan's businesses to continue playing by one set of rules while ours are forced to play by another will cost us jobs, and I will do whatever I can to stop it," she said.
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