HAKONE, July 20 ― The 11 members of the Trans-Pacific Partnership (TPP) have agreed to facilitate expansion of membership, once the trade pact comes into effect, informed sources said. Before entering accession talks, countries wishing to join the TPP-11 must inform New Zealand, the depository of the TPP-11, of its intention. The original TPP members who completed ratification still have the veto power over new members, since accession talks requires agreement from them, the sources said. Senior trade officials met in Hakone, a lake resort near Tokyo, to discuss the procedure on how to add more members to the pact at a two-day meeting that ended July 19. They explored … Continue reading →

HAKONE, July 19 ― The Trans-Pacific Partnership (TPP) without the United States will likely come into force early next year, informed sources have said. The move may coincide with the timing of the Japan-EU free trade agreement to be expected to come into force. The deal with Japan is the EU’s largest trade deal ever and will create a trade zone covering nearly a third of global GDP. Senior trade officials of the TPP-11 gathered in Hakone, a lake resort near Tokyo, to discuss how to operate the trade pact as well as expansion of membership at a two-day meeting that started July 18. The TPP-11 will enter into force … Continue reading →

TOKYO, July 19 ― Japan has published the text of the free trade deal with EU when both leaders signed the Japan-EU Economic Partnership Agreement (EPA) in Tokyo on July 17. Brussels had already released key elements of the trade deal one year earlier on the European Commission’s website, while Tokyo refused to disclose until signing the agreement. Compared with members of the Trans-Pacific Partnership (TPP), Japan apparently has given a better deal to the EU. For example, the EPA with the EU includes a review clause that provides for periodic review of the agreed tariff concessions after five years. The review clause mainly targets at Japanese sensitive products such … Continue reading →