Japanese PM Abe stresses TPP's value after trump orders withdrawal

Japanese Prime Minister Shinzo Abe asserted the significance of the Trans-Pacific Partnership (TPP) free trade pact on Tuesday, after US President Donald Trump ordered his country's withdrawal from the 12-country deal, Japan's Jiji Press reported.

The TPP "will be a model for future trade negotiations and a 21st-century global standard," Abe said at a House of Councillors plenary meeting.

"The president understands the importance of free and fair trade," Abe also said. He reiterated the government's intention to call on the US to return to the TPP.

In response to Trump's claim of Japanese trade barriers to US automobiles, Abe expressed willingness to hold talks with the new administration at various levels on ways to develop Japan-US economic ties.

Meanwhile, at a press conference, Finance Minister Taro Aso said, "We'll patiently seek (the Trump administration's) understanding of the TPP's strategic and economic importance."

The US withdrawal from the TPP, however, will not have an immediate impact on the Japanese economy, Aso added.

Foreign Minister Fumio Kishida told a separate news conference that there is no doubt that the United States has benefited greatly from free trade since the end of World War II.

He stressed the importance of close communication with the United States and tighter cooperation with other TPP member countries.

Australia has proposed the option of putting into effect a TPP without the United States.

But the 11 TPP countries will have a far smaller presence, accounting for only slightly over 10 per cent of the world economy, against the 40 per cent share held by the 12 nations including the US.

Against the background, many cabinet members called for efforts to bring the US back to the TPP.

Trade minister Hiroshige Seko said Japan will urge not only the US but also other signatory countries to complete their TPP ratification procedures.

Agriculture minister Yuji Yamamoto said Tokyo has no plan to seek a TPP without the US. -- Bernama