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Japan to pitch new trade dialogue to draw Trump back to TPP

in ECONOMY/FAR EAST by

The Japanese government on Friday greeted with cautious optimism the news that U.S. President Donald Trump is willing to explore re-entering the Trans-Pacific Partnership trade deal, while stressing that Washington should accept the original terms. “If this means that President Trump is correctly evaluating the significance and effects of the TPP, it’s something we want to welcome,” Toshimitsu Motegi, Japan’s minister in charge of the TPP, said after a Cabinet meeting. But he added: “The 11 participating countries share the thinking that it would be extremely difficult to take out part of the TPP and renegotiate or change it.

“The U.S. withdrawal from the TPP shortly after Trump’s inauguration last year made Japan the largest of the 11 Pacific Rim economies left in the deal. Those countries signed a new version last month that had been revised to account for the U.S. absence. Finance Minister Taro Aso suggested that Trump’s shift on the pact should be approached with caution. The shift comes amid a developing trade dispute between the United States and China, which did not take part in the TPP.

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