TOKYO (Sputnik) – The TPP deal was widely tipped to be adopted next year, but a vote by senior US lawmakers to ratify the trade pact might be pushed until after the inauguration of a newly-elected US president in January 2017.
Japan's national agricultural losses are estimated at 130-210 billion yen (between $1 billion and $1.75 billion) due to competition from cheap imports, according to the Cabinet's assessment, as cited by Kyodo news service.
Led by the United States, 12 Pacific Rim countries reached an agreement on the wording and subject matter of the TPP on October 5. The deal intends to deregulate trade among its signatories that together make up 40 percent of the world economy.
Japanese farmers fear access to cheap foreign products could wipe out the domestic agricultural sector, while on the whole the country is expected to benefit from duty-free exports.