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TPP to benefit Japan heavily

The Trans-Pacific Partnership deal will give double-digit boost to exports from Vietnam, Japan and Malaysia by 2030. Exports from Vietnam are expected to rise by 30.1 per cent, from Japan by 23.2 per cent, and from Malaysia by 20.1 per cent. Japan, a major exporter of electronics, would receive significant benefits as TPP will cut 87 per cent of tariffs on industrial products in the 11 other countries. Japanese exports of agricultural produce may also increase thanks to special measures to be put in place under the accord, such as a tariff-free import quota to be set aside for Japanese beef.

Outside Asia, double-digit rises are forecast for New Zealand at 12.8 per cent and Peru at 10.3 per cent. Increases for the remaining countries range from 9.2 per cent for the United States, followed by Canada’s 7 per cent, Chile’s 5.3 per cent, Australia’s 5 per cent, and Mexico’s 4.7 per cent.

The United States and 11 other countries reached agreement on TPP in October. The accord is now pending ratification and an official signing. The pact would cover some 40 per cent of the global economy. TPP is expected to boost the combined gross domestic product of the whole TPP zone by 1.1 per cent by 2030.