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Japan enacts law to ratify CPTPP

The Japanese Diet on June 13 enacted a law to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), moving a step closer to complete domestic procedures, according to Kyodo news.

Following the US withdrawal, Japan and 10 other nations aim to put the deal into force by the end of this year. 

The pact will take effect after at least six member countries ratify it.

Japan still has to enact a separate bill to implement domestic measures in connection with the agreement, such as support for livestock farmers who will be exposed to competition from foreign rivals.

The country is expected to become the second nation to ratify the deal after Mexico, which has already completed domestic procedures.

The original Trans-Pacific Partnership (TPP) was signed by 12 countries in February 2016 but US President Donald Trump pulled his country from the deal upon his inauguration in January 2017. 

The remaining 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, signed the pact and renamed it the CPTPP in March 2018 in Chile.

The pact is expected to boost economic growth, create more jobs, reduce poverty and improve the quality of life for people in member countries.

It delivers a strong message against the protectionism in the world.

The deal will create one of the world’s largest free trade blocs with a combined market of 499 million people and GDP of around 10.1 trillion USD, accounting for 13.5 percent of the global GDP.

Source: Vietnam Plus

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