Japan will join Asia-Pacific free trade talks
Member countries of the Trans-Pacific Partnership will allow Japan to join talks on a US-led Asia Pacific free trade agreement. The pact would cover nearly 40 percent of global economic output.
Japan's Prime Minister Shinzo Abe (c.) speaks to media after a meeting with cabinet ministers at his official residence in Tokyo, on April 12. Japan and the United States have agreed on a deal to allow Tokyo to join talks on a US-led Asia-Pacific free trade pact that Prime Minister Shinzo Abe is making a keystone of his strategy to open Japan's economy and spur long-sought growth.
Kyodo/Reuters
Tokyo
聽won approval from participating countries to join talks on a US-led聽聽free trade agreement, central to Prime Minister聽's plans to open the economy to more competition and revive growth.
The formal invitation for Tokyo to join the negotiations was extended at a meeting of members of the Trans-Pacific Partnership (TPP) on Saturday on the sidelines of the聽聽gathering in聽,, according to a joint statement.
聽will join 11 nations already in talks on the TPP: the聽,听,听,听,听,听,听,听,听,听听补苍诲听. Members hope to reach a deal by the end of this year.
With the world's third-largest economy on board, the final TPP pact would cover nearly 40 percent of global economic output and one-third of all world trade.
Abe has prescribed a three-part economic plan of hyper-easy monetary policy, big fiscal spending and steps to spur longer-term growth, including deregulation and government backing to beat deflation and engineer lasting recovery. Joining the TPP talks is seen as the first, key element of that growth strategy.
"'s participation in the negotiation will underscore the economic significance of TPP and its promise as a pathway toward a Free Trade Area of the聽," said the joint statement by trade ministers of the TPP member nations.
聽hopes to participate in the July round of negotiations, which would require the聽聽to quickly give聽90-day notice of its intention to begin trade talks with Tokyo.
A 17th round of talks is currently scheduled for May in聽. The dates and location of the 18th round in July have not yet been announced.
Last week,听聽struck a deal with the聽聽to get Washington's support to join the TPP talks.
The TPP talks are officially slated to conclude this year, although many trade experts expect them to stretch into 2014.
聽is hoping to protect key agriculture goods such as rice, wheat and dairy products to appease its politically powerful farm lobby.
"聽will aim to secure tariffs on agricultural products after entering the TPP talks. The situation is quite tough but we have not given up," a senior government official said.
Kazuhito Yamashita, research director at the聽聽for Global Studies, said聽聽should be looking beyond the TPP to boost broader trade ties.
"聽can have bargaining power as the nation is the only one involved in trade talks such as the TPP,听-EU,听--, and the RCEP," he said.
Talks on a聽聽block include the 10-nation Association of South East Asian Nations (ASEAN) along with聽,听,听,听,听听补苍诲听, but not the聽.
"聽is in a very interesting strategic position.聽聽could become a hub in聽聽and a bridge between the region and the West if the authorities clearly understand this."聽