Transatlantic trade: Japan wins spot in trade bloc talks

Bloc aimed at creating a tariff-free zone with a market of around $25 trillion covering around 800 million people.

SURABAYA: Japan won its bid to enter talks on a massive Pacific trade pact on Saturday, after winning over its last opponent, Canada, for a proposed agreement that would account for more than 40% of the global economy.

“As the world’s third largest economy, having Japan at the table is going to add additional value to all of the Trans Pacific Partnership partners,” Canadian Trade Minister Ed Fast told reporters. With the entry of Japan into the free-trade talks, the pact will cover nearly 40% of the global economy, making it the biggest free-trade agreement in the world.

The bloc is aimed at creating a tariff-free zone with a market of around $25 trillion covering around 800 million people. Although member countries had expressed interest in Japan joining the talks, many wanted to see Tokyo make firm commitments in reducing tariffs on imports.

Published in The Express Tribune, April 21^st, 2013.

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