Japan’s parliament on Friday enacted legislation necessary to complete domestic procedures before the ratification of the revised Trans-Pacific Partnership free trade pact.
The passage of the bill through the House of Councillors set the stage for Japan to finalize its domestic arrangements in early July as it still needs to revise relevant government ordinances.
The Diet has already agreed to ratify the TPP, which the Cabinet Office says will potentially give Japan’s real gross domestic product a 1.5 percent boost.
The new law includes support for Japanese livestock farmers who will be exposed to foreign competition and extending intellectual property rights in line with the TPP.
The Japanese government hopes to finish its domestic processes and pave the way for the pact to come into force possibly this year amid growing concerns about U.S. President Donald Trump’s protectionist policies and fears of trade friction.
After the United States withdrew from the free trade framework, the remaining 11 members signed in March the current TPP, formally called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
The TPP would enable consumers to buy cheaper goods but farmers have expressed concern that they could be hit by more imports of agricultural produce.
The pact will take effect after at least six member countries ratify it. Mexico has already completed its domestic procedures.
The TPP 11 members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Thailand has expressed willingness to join the TPP.