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ECONOMY

75% say TPP 11 will be “a plus for Japanese economy,” Sankei poll of 121 companies

  • January 4, 2018
  • , Sankei , p. 9
  • JMH Translation

According to the Sankei Shimbun questionnaire survey of 121 major companies, 75% of respondents said they anticipate the Trans-Pacific Partnership (TPP) will be have a positive effect on the Japanese economy if the trade pact goes into effect. Some 48% of respondents said that business opportunities will “expand” with the implementation of the TPP 11, easily exceeding the 8% who disagreed.

 

The TPP 11 will involve 11 countries as the United States has withdrawn from the agreement. A basic agreement was reached in November last year. It is said that the new pact represents about 13% of world gross domestic product and covers about 7% of the world’s population. Economic revitalization is expected under the progressive rules of the trade pact, including deregulation and the elimination of tariffs.

 

In the questionnaire survey, most companies welcomed the TPP 11. A retailer said, “We anticipate economic revitalization with the increase in imports and exports,” and an insurance company commented, “We can take advantage of the high growth in newly emerging economies as it is inevitable that the Japanese market will shrink with the decline in population.”

 

Some 18% of companies said they are thinking of expanding their business when the TPP 11 goes into force. A transport company said, “We will develop new networks in line with needs and demand.” An electrical machinery company said it is planning to expand sales in Southeast Asia, while an insurance company said it hopes to expand its business with deregulation.

 

Most respondents said they are disappointed that the United States will not be included in the TPP. “The positive impact of the TPP will be limited without the participation of the United States,” said a food manufacturer. A trading company commented, “Many products are already at low tariffs.” Some 75% said that it would be “desirable” for the United States to return to the TPP.

 

[Translator’s note: No information was given on the polling methodology.]

 

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