Japan’s lower House of Parliament passed the Trans-Pacific Partnership trade agreement this week. A German web publication says experts view the move as an empty gesture because U.S. President-elect Donald Trump rejects the deal.
Japanese lawmakers approved the free trade deal that includes Japan, the U.S., and ten other countries that together make up 40 percent of the world’s economy. Outgoing U.S. President Obama championed the deal in the face of China’s increasing economic clout in the world economy.
Japanese Prime Minister Shinzo Abe made TPP a big part of his plan to revive the Japanese export sector of the economy. London-based Capital Economics said the Japanese hopes for TPP were “dead and buried,” and the upshot for Japan is substantial long-term economic losses with no TPP in effect.
In September, President Obama warned that China is pushing for its own long-term trade deal with the Asian region and that America wouldn’t be welcome in any deal set up by China. President-elect Trump says he’s in favor of free trade deals but existing agreements like the North American Free Trade Agreement weren’t negotiated with American interests in mind.