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ECONOMY > Trade

Everything related to TPP erased from ruling parties’ 2017 budget guidelines

  • December 7, 2016
  • , Tokyo Shimbun , p. 2
  • JMH Translation

The ruling parties announced the FY2017 draft guidelines on budget compilation which they plan to finalize on Dec. 8. In response to a fading prospect of enactment of the Trans-Pacific Partnership (TPP) Agreement after U.S. President-elect Donald Trump’s announcement of America’s departure, every description regarding the TPP in the FY2016 guidelines has been erased from the FY2017 guidelines. The U.S. presidential election has resulted in affecting the ruling parties’ policy making.

 

The ruling party guidelines on budget compilation are customarily formulated at the end of year to outline the government’s policy for the coming year. It is expected to be reflected upon the next year’s budget plan.

 

The FY2016 guidelines were finalized on Dec. 16, 2015. It was after the TPP reached a general agreement in October that year, and nine narratives regarding the TPP were included in preparation for the trade pact’s enactment. One of them stated that with enactment of the TPP, Japan will strive to become a new exporting powerhouse and enhance its economic growth, including promotion of inward direct investments.

 

In the FY2017 draft guidelines, the government and the ruling parties kept their goals, such as achieving a gross domestic product (GDP) of 600 trillion yen. But there are no descriptions about the TPP any longer. Instead, the guidelines described such objectives as “enhancing cooperation for promoting multilateral and bilateral trade and investments” and “boosting export of agricultural products”.

 

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