16:36 GMT04 July 2020
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    The Japanese authorities on Friday started negotiations on a proposed insurance program to prevent farmers from suffering losses that can be caused by implementation of the Trans Pacific Partnership (TPP) free trade deal, local media reported.

    MOSCOW (Sputnik) — The Japan Times reported that the Japanese farm ministry presented the insurance program at a meeting of country's ruling Liberal Democratic Party.

    According to the draft of the system, it will guarantee farmers about 80 percent of their average annual income earned during the period of the last five years, the news outlet said.

    The newspaper added that the discussion of the proposal was expected to last until fall.

    The TPP agreement seeks to deregulate trade among 12 signatory nations that comprise 40 percent of the world economy. They include the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

    In 2015, the Japanese government estimated that country's agricultural losses caused by implementation of the free trade agreement were estimated at 130-210 billion yen (between $1.28 and $2.07 billion at the current exchange rates) due to competition from cheap imports.

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    Tags:
    economic losses, Trans-Pacific Partnership (TPP), Japan
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