◇12 Pacific Rim countries reach trade deal

Twelve Pacific Rim countries agreed to an ambitious trade pact on Oct. 5 that cuts trade barriers and sets various standards in areas such as labor and the environment.

The United States, Japan and the 10 other countries reached an agreement on the Trans‐Pacific Partnership (TPP) initiative that cover 40 percent of world economic output.

"We think it helps define the rules of the road for the Asia‐Pacific region," said U.S. Trade Rep. Michael Froman in a press conference after ministerial negotiations in Atlanta in the U.S.

The TPP agreement eliminates nearly all tariffs on agricultural and manufacturing products within a certain period. The pact encourages intra‐regional free trade and investments by establishing unified rules across a wide range of fields, including intellectual property, investment, and the reform of state‐run enterprises.

Japan was negotiating for five important agricultural products, including rice, to be exempted from the tariff eliminations. While comprehensive tax abolishment was avoided, Japan accepted large‐scale tariff cutbacks, along with broadening imports.

(Compiled from AP and Mainichi reports)

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2015年10月16日 15時33分