Japan agrees to share TPP pact notes with PH

JAPAN has agreed to provide the Philippines with detailed information on the contents of the Trans-Pacific Partnership (TPP) agreement.

This was promised anew during a bilateral meeting held last month between Trade Secretary Gregory L. Domingo and Motoo Hayashi, Minister of Japan’s Ministry of Economy, Trade and Industry (Meti).

According to Meti, “Domingo made positive comments on the possibility of the Philippines’ participation in the TPP Agreement, and Minister Hayashi welcomed this. Also, in light of requests from Secretary Domingo, they agreed that Japan would provide detailed information on the contents of the TPP Agreement to the Philippines.”

The TPP, which is expected to generate an additional $225 billion to the world economy by 2025, is a landmark agreement that eliminates or reduces tariffs, lowers the cost of trade, and sets new and high standards for global trade while addressing next-generation issues. It was envisioned to promote economic growth, create jobs, raise living standards, reduce poverty, promote good governance and enhance labor and environmental protections.

The 12 TPP members—Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam—announced the conclusion of their negotiations in October. These 12 countries have a combined population of 800 million, and projected to account for 40 percent of the world’s gross domestic product and 30 percent of world trade.

For the Philippines, joining TPP is expected to “provide more opportunities to further strengthen our foothold in the global market with our local enterprises, workers and consumers benefiting from bigger markets and increased foreign investments.”

Meanwhile, both trade ministers have also agreed to further promote bilateral economic cooperation in the automotive industry, among other sectors, during a meeting on the sidelines of the Apec summit last month.