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Japanese PM Shinzo Abe gets parliamentary approval for Trans-Pacific Partnership

Japanese Prime Minister Shinzo Abe Has Got The Backing Of The Parliament For Ratification Of The Trans-Pacific Partnership, Despite Trump Planning To Withdraw From The 12-nation Trade Pact.

PTI | Updated on: 09 Dec 2016, 01:31:23 PM
Shinzo Abe - File Photo

New Delhi:

Japanese Prime Minister Shinzo Abe has got the backing of the parliament for ratification of the Trans-Pacific Partnership, despite US President-elect Donald Trump's plan to withdraw from the 12-nation trade pact. 

Upper house lawmakers approved the TPP on Friday, heeding Abe's calls to push ahead with it despite Trump's rejection of the free-trade initiative championed by President Barack Obama. 

Japan's ratification still requires Cabinet approval of needed regulatory revisions. The market opening measures required by the trade pact are seen as a way for Abe to push through difficult reforms of the agricultural and health sectors. 

So far, Abe has made scant progress on a slew of reforms he proposed to help improve Japan's lagging productivity and competitiveness. Trump has vowed to take steps to exit the pact right after he takes office.

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First Published : 09 Dec 2016, 01:20:00 PM