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NFTC Welcomes Japan’s Announcement of Its Intent to Join TPP Negotiations
Date: 11/11/2011
Written By: Jennifer Cummings, The Fratelli Group for NFTC, (202) 822-9491

Washington DC – The National Foreign Trade Council (NFTC) today welcomed the Japanese government’s announcement to seek to join the Trans-Pacific Partnership (TPP) Agreement negotiations, but cautioned that maintaining the TPP’s momentum and high standards must take precedence. The NFTC released the following statement:

“Prime Minister Noda’s announcement of Japan’s decision to seek entry to the TPP negotiations potentially marks an historic change in the direction of Japan’s economy and that of the Asia-Pacific region. With the inclusion of Japan under the right conditions, the TPP Agreement has the prospect to become the central force in shaping the future of U.S. economic engagement with the Asia-Pacific region and shoring up unprecedented market access for America’s exporters, investors, workers, farmers, ranchers and service providers,” said NFTC President Bill Reinsch. “Such an agreement will help support and sustain future U.S. economic growth and the creation of American jobs.”

“Japan is the third largest economy in the world, making its participation in these negotiations all the more significant. For the TPP Agreement to reach its full potential, Japan must demonstrate its commitment to reorient its engagement with the United States and other TPP partners to truly dismantle deeply-rooted tariff and non-tariff barriers to trade and open market access in key sectors, including autos, insurance, pharmaceuticals and agriculture — where decades of negotiations have often failed to translate into meaningful and systemic reform,” said NFTC Vice President for Regional Trade Issues Chuck Dittrich. “If Japan’s leaders are committed to this kind of reform and to working with all TPP partner countries to achieve a comprehensive, high-standard 21st century agreement, the TPP could become the gold standard for future plurilateral trade pacts.”

“As the United States and TPP partner countries work to expand the membership of the TPP, it is crucial to abide by the core commitments of a comprehensive agreement that precludes no sector, addresses the realities of global commerce in the 21st century and breaks new ground by focusing on concrete achievements including global supply chain optimization, regulatory coherence and the enactment of disciplines on state-owned enterprises,” added Reinsch. “But it is also crucial to maintain momentum to conclude the first phase of commitments in months rather than years to help jumpstart the global economy.”
size: 11px">About the NFTC
Advancing Global Commerce for Nearly A Century- The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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