Chairman Nakamura’s Comments on the TPP-11 Going into Effect

October 31, 2018

We are pleased that six countries have completed the procedure to approve TPP-11, and that it will go into effect starting on December 30 of this year. We would like to pay our respect once more to the Japanese government and the officials involved for their efforts to bring these 11 countries on board despite the US pulling out, and turn this partnership into a reality.

In addition to reducing tariffs, TPP-11 is a high-level, comprehensive economic partnership agreement for the 21st century that also covers rules for a wide range of fields including investment, services, intellectual property, state-owned enterprise, and electronic commerce. It will invigorate trade and investment between the member nations, and is critically important as a model for economic partnership in the future.

Also, amid the increasing tendency of protectionism in the world, the birth of this free trade area with GDP and total trade volume of around 10 trillion and 5 trillion US dollars respectively (both figures based on participation of 11 countries) will be tremendously significant in showing the world that the expansion of free and fair 21st-century rules can facilitate sound economic development.

We look forward to the further expansion of TPP-11 with the hope that the remaining five countries can quickly complete their internal approval procedures, and that other countries also come forward hoping to join the partnership.