09:14 GMT +319 August 2019
Listen Live
    A delegate hoists and anti-TPP sign on Day 1 of the Democratic National Convention at the Wells Fargo Center in Philadelphia, Pennsylvania, July 25, 2016

    Japan Starts Talks on Insurance to Cover Farmers' Losses Caused by TPP Deal

    © AFP 2019 / Timothy A. CLARY
    Get short URL

    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.


    Free Trade Policies, TPP Agreement Leading US Industry 'To Slaughter'
    Residents of US City of Springfield Rally Against TPP Trade Deal
    'Real Reasons Behind' Vietnam's Delay in Ratification of US-Imposed TPP Deal
    Australian PM Turnbull Urges US Congress to Ratify TPP Trade Deal
    TPP: Will Profit Trump Democracy in Lame Duck Session?
    TPP to Be Ratified Eventually, Potentially After Congress Elections
    Obama Confirms His Dedication to Make TPP Pass Before 2017, but Why?
    TPP Deal to Prompt EEU Manufacturers to Make Cheaper, Better Goods
    TPP is Dead, But Keep the Champagne on Ice
    economic losses, Trans-Pacific Partnership (TPP), Japan
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik