Japan PM Abe to Protect Farming in TPP Free Trade talks

Prime Minister Shinzo Abe on Monday reiterated his pledge to protect Japan’s agricultural sector after announcing the country’s participation in the Trans-Pacific Partnership free trade negotiations late last week.

While the free trade framework is expected to deal a heavy blow to Japanese farmers through an influx of cheap foreign imports, Abe promised at the Diet’s budget committee meeting on the TPP to protect the country’s farming and food.

“Farming has to be the foundation of a country,” Abe said, noting it has defined traditional Japanese culture.

“Discarding (agriculture) based only on economic profit-and-loss arithmetic could lead Japan to lose its identity,” he said.

Abe indicated the government plans to make use of the knowledge accumulated in the Liberal Democratic Party he heads as Japan takes part in the negotiations involving 11 nations to maximize its own interests.

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