Japan, 10 other nations sign new TPP

March 9, 2018

Santiago- Japan and 10 other countries signed a document on a new Trans-Pacific Partnership free trade pact in the Chilean capital of Santiago on Thursday afternoon.

The move came after the 11 nations reached a broad agreement on the new pact last November, after the United States under the administration of President Donald Trump withdrew from the original 12-nation TPP in early 2017.

The other 10 members of the new TPP are Brunei, Malaysia, Singapore, Vietnam, Australia, New Zealand, Canada, Chile, Mexico and Peru.

The government of Japan, which leads the 11-member TPP, plans to submit related domestic bills to the ongoing regular session of the Diet, the country's parliament, aiming to put the pact into effect in 2019.

Earlier on Thursday, prior to the signing, the 11 countries held a ministerial meeting. From Japan, economic revitalization minister Toshimitsu Motegi took part in the talks.

Motegi also held bilateral meetings with ministers from countries including Australia.

"Japan wants to take the lead in building the momentum toward the effectuation," Motegi told a press conference after the signing.

The new TPP will go into effect 60 days after a majority of the member countries complete domestic procedures.

It maintained in principle the original 12-nation TPP agreement in the area of tariffs, intended to open the markets of agricultural and industrial products, and in the field of trade and investment rules, aimed at facilitating customs procedures and promoting corporate activities.

But 22 measures, including the one on drug data protection, will be suspended until the United States returns to the free trade pact.

The joining of a new country or region will be permitted after the deal's effectuation.

In the meantime, the United States has been taking an increasingly protectionist approach, with Trump signing proclamations to impose tariffs on steel and aluminum imports under his "America First" policy.

Chilean Foreign Minister Herald Munoz said although the world is facing protectionist pressures, nobody wants trade wars.

The 11 countries together account for 13 percent of global gross domestic product, 7 percent of the world population and 15 percent of global trade. The 11 plus the United States account for some 40 percent of world GDP. Jiji Press