It was learned on May 24 that coordination is underway for the G7 Ise-Shima Summit
declaration to affirm the importance of the TPP agreement and call for the participating nations
to complete their ratification procedures at an early date. The declaration will also mention
Japan and the European Union’s (EU) goal of reaching agreement on an economic partnership
agreement (EPA) this year and urge the acceleration of efforts to conclude multinational mega
free trade agreements (mega-FTAs).
With regard to the TPP, which Japan, the U.S., and Canada among the G7 are participating in,
the summit declaration is expected to state that “signing this agreement is an important step in
laying the foundation for making common trade rules in Asia and the Pacific.”
The document will also call for efforts for the early effectuation of the Japan-EU EPA agreement
and the Transatlantic Trade and Investment Partnership (TTIP) agreement between the U.S. and
The B7 Tokyo Summit of business leaders of the G7 nations held in Tokyo last month also called
for the prompt completion of TPP ratification procedures and early effectuation of this trade
pact in its joint recommendations. The G7 Summit declaration is also based on this opinion.