A major regional free trade pact called the CPTPP is aimed to be expanded by Japan, according to the comments made by the Japanese Prime Minister Yoshihide Suga on Friday. According to analysts, this is potentially because of the interest shown by China and the United Kingdom to join the trade deal.
11 countries including Canada, Australia and Japan are members of the trade deal called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
“Japan will aspire for the Free Trade Area of the Asia-Pacific through the early conclusion of the RCEP agreement and the steady implementation and expansion of the CPTPP as next year’s chair,” Suga said.
The comment was made by the Japanese Prime Minister while addressing the gathering at the APEC (Asia-Pacific Economic Cooperation) CEO Dialogues delivered through a pre-recorded video message while also participating in a virtual summit of leaders later in the day.
The Regional Comprehensive Economic Partnership or the RCEP was signed earlier this month and is touted to be the largest free trade agreement of the world as it covers about one third of total global output. On the other hand, the Free Trade Area of the Asia-Pacific is a larger group of countries that is trying being worked at and will include the 21 members of the APEC.
His country was open to the idea of joining the CPTPP, said a spokesman for the Chinese commerce ministry on Thursday. On the other hand, its intention to try and become part of the trade agreement was declared earlier this year by the UK.
In September, Suga took over charge as the Japanese prime minister form SInzo Abe. In his recorded speech, Suga once again reiterated his core policy priorities which include digital transformation and reduction of emission of greenhouse gases causing global warming.
“As people’s behavioural patterns shift due to COVID-19, accelerating digital transformation is crucial,” he said.
(Source:www.globeandmail.com)
11 countries including Canada, Australia and Japan are members of the trade deal called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
“Japan will aspire for the Free Trade Area of the Asia-Pacific through the early conclusion of the RCEP agreement and the steady implementation and expansion of the CPTPP as next year’s chair,” Suga said.
The comment was made by the Japanese Prime Minister while addressing the gathering at the APEC (Asia-Pacific Economic Cooperation) CEO Dialogues delivered through a pre-recorded video message while also participating in a virtual summit of leaders later in the day.
The Regional Comprehensive Economic Partnership or the RCEP was signed earlier this month and is touted to be the largest free trade agreement of the world as it covers about one third of total global output. On the other hand, the Free Trade Area of the Asia-Pacific is a larger group of countries that is trying being worked at and will include the 21 members of the APEC.
His country was open to the idea of joining the CPTPP, said a spokesman for the Chinese commerce ministry on Thursday. On the other hand, its intention to try and become part of the trade agreement was declared earlier this year by the UK.
In September, Suga took over charge as the Japanese prime minister form SInzo Abe. In his recorded speech, Suga once again reiterated his core policy priorities which include digital transformation and reduction of emission of greenhouse gases causing global warming.
“As people’s behavioural patterns shift due to COVID-19, accelerating digital transformation is crucial,” he said.
(Source:www.globeandmail.com)
