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RCEP seen increasing Japan’s GDP by 2.7 pct.

  • March 20, 2021
  • , Jiji Press , 11:23 a.m.
  • English Press

Tokyo, March 20 (Jiji Press)–The Japanese government said Friday that the Regional Comprehensive Economic Partnership is expected to increase the country’s real gross domestic product by 2.7 pct.
   

The free trade agreement, signed last November by Japan and 14 other countries, including China, South Korea and the 10 members of the Association of Southeast Asian Nations, is seen invigorating trade in industrial, farm and other goods thanks to trade liberalization measures, such as tariff reductions, according to the government.
   

Based on data for fiscal 2019, Japan’s GDP would increase by about 15 trillion yen on the back of the effects of the RCEP, it said.
   

Japan is poised to call on other RCEP member countries to accelerate their respective domestic procedures to put the pact into effect as early as possible.
   

The estimated GDP impact is nearly double that from the Trans-Pacific Partnership free trade agreement, which includes Japan, Australia and nine other countries, because the combined size of the economies of the 15 RCEP members is larger than that of the TPP nations. The TPP is projected to expand Japan’s real GDP by 1.5 pct.
   

The government also said that the RCEP is expected to increase the number of employed people in Japan by roughly 0.8 pct, or about 570,000 based on data for 2019, believing that activated trade will create new jobs.
   

RCEP member countries are currently implementing domestic procedures for the pact’s entry into force. The Japanese government hopes to have it approved by the Diet, the country’s parliament, during its ongoing regular session.

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