October 30, 2018
Tokyo- Japanese Economic Revitalization Minister Toshimitsu Motegi said Tuesday that the revised Trans-Pacific Partnership free trade agreement will come into force within 2018 at the earliest.
"It has become almost certain" that the pact among 11 countries excluding the United States will be effectuated "this year at the earliest or early next year at the latest," Motegi told a press conference.
Canada has recently completed its domestic procedures to ratify and implement the so-called TPP-11 pact, while Australia is expected to finish its procedures soon.
The agreement is therefore seen meeting the requirement for its effectuation that at least six countries must complete their necessary procedures.
On Monday, Canada announced the completion of its domestic procedures.
The country also said the pact "is an excellent illustration of how 11 nations can come together against protectionism by liberalizing trade and strengthening the rules under which it is conducted."
The pact was signed by the 11 countries in March this year, after the United States withdrew from the original 12-nation TPP early last year.
The TPP-11 will take effect 60 days after a majority of its signatories complete their domestic procedures.
So far, Canada, Mexico, Japan, Singapore and New Zealand have already finished their procedures. Jiji Press
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