This announcement of TPP negotiation results sets a new high in % liberalization

According to the “Nihon Keizai Shimbun” report on October 21, the Japanese government announced the details of the results of the Trans-Pacific Partnership Agreement (TPP) negotiations on the 20th. Tariffs will be eliminated on 95% of all 9,018 trade items. This is the most liberalized Economic Cooperation Agreement (EPA) signed by Japan to date. In addition to the five major products such as pork and beef, 51% of agriculture and forestry products will have their tariffs removed immediately after the TPP takes effect. The final zero-tariff ratio will reach 81%, and more than 99% of industrial products will have their tariffs removed. Focusing on agricultural products, the Japanese government has actively evaluated the impact of the TPP and said it will finalize comprehensive TPP countermeasures within November. In addition to measures for the five major agricultural products, we will also discuss measures that can help strengthen agricultural competitiveness, such as concentrating farmland. According to media analysis, Japan is expected to leverage its competitive advantage in industrial products to further expand its market share in the TPP region. At the same time, by eliminating 80% of tariffs on agricultural products, Japan will allow consumers to enjoy the benefits of reduced food prices. Trade barriers among the 12 member countries of the TPP have been almost eliminated, and the resulting huge economic circle will bring opportunities to enhance Japan’s national power and greatly promote economic development in the Asia-Pacific region.