Japanese Parliament Moves Forward with TPP

Japan’s parliament on Friday enacted legislation necessary to complete domestic procedures before the ratification of the revised Trans-Pacific Partnership free trade pact.

The passage of the bill through the House of Councillors set the stage for Japan to finalize its domestic arrangements in early July as it still needs to revise relevant government ordinances.

The Diet has already agreed to ratify the TPP, which the Cabinet Office says will potentially give Japan’s real gross domestic product a 1.5 percent boost.

The new law includes support for Japanese livestock farmers who will be exposed to foreign competition and extending intellectual property rights in line with the TPP.

The Japanese government hopes to finish its domestic processes and pave the way for the pact to come into force possibly this year amid growing concerns about U.S. President Donald Trump’s protectionist policies and fears of trade friction.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza