00:39 GMT +309 December 2019
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    Farm activist Ethan Abbott walks with his alpaca during a protest of the TPP (Trans-Pacific Partnership) held outside the Office of the U.S. Trade Representative in Washington, November 16, 2015

    Japan Expects $113Bln Windfall From US-Led TPP Trade Pact

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    Japan’s gross domestic product (GDP) stands to gain 13.6-trillion-yen ($113 billion) from the implementation of the controversial Trans-Pacific Partnership (TPP), local media cited figures provided by the Japanese government Thursday.

    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.

    The country's food self-sufficiency ratio, however, is expected to remain on par with last year’s level of 39 percent.

    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.

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    competition, economy, law, Trans-Pacific Partnership (TPP), United States, Japan
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