Japan open to bilateral FTA with US withdrawal

TOKYO, Jan 26 (KUNA) - Japanese Prime Minister Shinzo Abe indicated Thursday that he is open to have a bilateral trade agreement with the US, following US President Donald Trump's executive order to withdraw from the 12-nation pact earlier this week. "We will tenaciously appeal to the US administration on the Trans-Pacific Partnership (TPP), but it is not absolutely impossible to hold talks on an Economic Partnership Agreement or a Free Trade Agreement with the US," Abe told a parliament committee.
"It would be difficult to persuade the US to approve the TPP) soon. I hope Japan and the US will discuss what kind of economic partnership will be good," the premier added. Abe made remarks after Trump issued an executive order on Monday to take the US out of the US-led TPP, which he has called "a potential disaster" for the US.
The multilateral trade framework also includes Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The deal, signed in February 2016, requires ratification by at least six countries accounting for 85 percent of the combined GDP of the 12 member states. The agreement cannot enter into force without the US ratification, as its GDP alone constitutes about 60 percent of the total TPP. Abe also said the two governments are finalizing his visit to the US as soon as possible for a summit with Trump, with some Japanese media reporting that it will be realizing around February 10. (end) mk.gta