Asia-Pacific: Japan Ratifies TPP, RCEP Gears Up for 2017

Japan’s upper house of parliament ratified the Trans-Pacific Partnership (TPP) Agreement on Friday 9 December, marking the final stage for the Asian economy’s approval of the accord. Japan is the second-largest economy by GDP in the Pacific Rim trade deal, surpassed only by the United States. Under the current TPP terms, both economies would need to ratify the trade agreement for it to enter into force. The news of Japan’s ratification comes just weeks after US President-elect Donald Trump reaffirmed his campaign pledge to begin removing the US from the 12-country accord once he takes office in January. (See Bridges Weekly, 24 November 2016 ) However, various officials from other TPP countries have indicated that they intend to proceed with their ratification processes, with some such as Australian Trade Minister Steven Ciobo suggesting that the situation in the US could evolve once the dust settles from the leadership transition. (See Bridges Weekly, 8 December 2016 ) Of the other TPP signatories, New Zealand has already passed legislation for ratifying the accord. Various others have already introduced the necessary bills into their domestic legislatures. “It’s good to see the world’s third largest economy join New Zealand and show leadership on liberalisation,”...