Japan Completes Domestic Procedures to Ratify New TPP

July 6, 2018

Tokyo- The Japanese government confirmed Friday that it has completed all domestic procedures required to ratify the revised Trans-Pacific Partnership free trade agreement.

The government notified the completion to New Zealand, which serves as secretariat for the pact among 11 countries excluding the United States.

Japan's parliament approved the revised TPP on June 13 and TPP-related legislation on June 29.

Amid rising protectionism worldwide, as seen in tit-for-tat trade sanctions between the United States and other economies, Japan hopes to prioritize multinational free trade.

"I expect economic cooperation will further expand in the Asia-Pacific region," Economic Revitalization Minister Toshimitsu Motegi told a press conference.

The TPP 11 will come into force 60 days after six or more countries complete their domestic procedures.

Japan is the second member country to have finished the process, following Mexico. Other participants are trying to end their procedures.

The pact, signed by the 11 nations in March, is expected to come into force as early as the beginning of 2019.

The deal, officially called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, has Australia, Brunei, Canada, Chile, Malaysia, Peru, Singapore and Vietnam as members, in addition to Japan, New Zealand and Mexico. Jiji Press