While the Republican Party may have cooled on the Trans-Pacific Partnership (TPP), and GOP presidential nominee Donald Trump wants to renegotiate the deal, Japan is forging ahead on the 12-country Asia-Pacific agreement. Prime Minister Shinzo Abe, who’s Liberal Democratic Party recently secured a majority in the upper house of Japan’s legislature, is working to get the Diet to ratify the TPP this fall. Japan is not interested in re-working the deal.
“Renegotiation is impossible because there is a delicate balance,” Atsuyuki Oike, deputy chief of mission at Japan’s U.S. embassy, recently told reporters at a National Foreign Trade Council briefing on the agreement.
The TPP, negotiations on which were initiated in late 2008 and concluded last October, is a regional trade deal that includes the United States, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, which account for nearly 40 percent of global GDP.
The trade agreement is strongly supported by the National Pork Producers Council, which is urging Congress to approve the deal soon.