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289 words - April 22, 2013 | © DiploNews, all rights reserved.
During the 8th meeting of Japan's Council of Economic and Fiscal Policy, Prime Minister Shinzo Abe announced that "toward the construction of a market economy system to realize sustainable growth," his government agreed to participate in the Trans-Pacific Partnership (TPP) and established a specific task force.
As "the global community and economy present us with tremendous possibilities, (…) there also exist unruly spirits (that's why Japan must) move forward with a top caliber, global economy and community (that) depends on the creation of rules," the Prime Minister explained.
Mr. Abe's decision positively replied to Australia and 10 other parties which had invited Japan to join the negotiations for the TPP, Australian Trade Minister Craig Emerson said on April 21. "With Japan joining the negotiations, TPP countries would account for nearly 40 per cent of global GDP, almost one-third of global trade and almost 35 per cent of Australia's total two-way trade," the Australian official explained.
Moreover, at a bilateral meeting in Tokyo on April 14, Foreign Minister Fumio Kishida called on his US counterpart Secretary John Kerry to "cooperate towards promoting the US internal process and process amongst TPP members so as to realize the early participation of Japan." Mr. Kerry expressed his country's support to Japan for the TPP, stating that "clearly, having Japan in the TPP would be an enormous economic benefit for all of us."
Also, Singapore warmly welcomed Japan's participation and Trade Minister Ed Fast said Canada "looks forward to continuing to work with Japan to deepen the trade and investment relationship." Once Japan concludes its domestic processes, Japan will follow through a process to become the 12th member of the TPP.
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