Keidanren wholeheartedly welcomes the agreement on the core elements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that was recently reached among eleven nations at the ministerial meeting in Da Nang, Vietnam. This was a result of the Japanese government’s leadership following the United States’ withdrawal from talks at the beginning of this year, and we highly appreciate the efforts of all involved, including Prime Minister Shinzo Abe and Minister of State for Economic and Fiscal Policy, Toshimitsu Motegi.

While there is a growing concern over a global shift toward protectionism and insular policy-making, the fact that countries of the Asia-Pacific region are progressing with the formulation of comprehensive and high-standard rules regarding trade and investment across the region is of great strategic significance. As far as Japan’s economy is concerned, it will provide a foundation for institutionalized support of the spread of sophisticated value chains of corporations that extend throughout the Asia-Pacific region. With that in mind, it is important that the agreement be ratified and implemented as quickly as possible, and we urge countries which share similar values and interests to become part of it.

Keidanren also requests that the government continue to demonstrate strong leadership through swift implementation of the Japan-EU Economic Partnership Agreement (EPA) agreed to in principle in July, as well as the high-quality Regional Comprehensive Economic Partnership (RCEP) trade pact, to facilitate the building of a rule-based, free, and open international economic order.

Source: Keidanren