The Hokkaido Regional Agricultural Institute has announced its latest estimate of 116.9 billion yen for an economic damage to be occurred in Hokkaido prefecture by putting the Trans-Pacific Partnership (TPP) free trade pact into effect.
The estimation has been made on the basis of the broad TPP agreement announced by its member countries in October 2015, as well as on an amount of decreases in Hokkaido agricultural, forestry and fishery production that was estimated as 59.8 billion yen by the Hokkaido prefectural government in February 2016.
The total economic loss by the TPP free trade deal in Hokkaido is broken down into 72.5 billion yen, an estimated loss of the primary industry, 15.1 billion yen of the secondary industry, and 29.3 billion yen of the third industry, containing business losses of companies handling products shipped by agricultural, forestry and fishery industries in the Hokkaido prefecture.
“Ongoing negotiations on the Economic Partnership Agreement between Japan and the European Union could be finally based on the TPP agreement. It will be also vital for us to get an accurate grasp of the negative impact on agriculture in Japan,” a representative of the Hokkaido Regional Agricultural Institute pointed out.