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1、Japan Looks to Trans-Pacific Partnership to Transform its Economy February 2011 IN THIS ISSUE: Since passage of its “Action Plan for Economic Structural Reform” in 1997, Japan has initiated a number of reform initiatives to restructure its economy. As a result, Japan today possesses a dramatically d
2、ifferent business environment than even a decade ago. Much of this adjustment, however, sought results without the political challenges and often-painful adjustments that are an essential part of the transformation process. Faced with a stagnating economy and an aging population, Japans Democratic P
3、arty of Japan (DPJ) adopted a New Growth Strategy last June. The Strategy seeks to restructure Japanese industry, encourage advanced business models, and enhance economic integration between Japan, Emerging Asia and other members of the Asia-Pacific community, including the United States. To further
4、 these goals, Prime Minister Naoto Kan took another bold step last November when he announced an intention to “open Japan” and enter talks concerning the Trans-Pacific Strategic Economic Partnership Agreement (TPP). Entry into the TPP will introduce competition and enhance Japans ability to particip
5、ate in regional and international markets. Strong leadership will be required, however, to garner the public support needed to overcome opposition in sectors such as agriculture, which have enjoyed a protected domestic market. Development of broad agreements such as TPP and the Free Trade Area of th
6、e Asia Pacific (FTAAP) are essential - not only for Japan - but the world at large. They expand trade and innovation, are necessary to sustain a global economic recovery, and allow continued expansion of the emerging markets of East Asia. Japan Looks to Trans-Pacific Partnership to Transform its Eco
7、nomy The Importance of Trade to Achieving Sustainable Growth and Recovery FTA/EPAs Enhance Regional Integration and Free and Open Trade Agriculture and Japans Domestic Focus Impinge on its Ability to Enter EPA/FTAs Trans-Pacific Partnership Provides Roadmap for Asia- Pacific Community And More! 1 Ad
8、ditionally, measures such as the Growth Strategy adopted at least years annual Asia Pacific Economic Cooperation (APEC) Leaders Summit in Yokohama promise further movement toward regional integration through efforts to promote balanced, inclusive, sustainable, innovative, and secure growth. Japan ho
9、pes to build on the success of the Yokohama Summit and to work with the United States and other APEC member economies to further the Yokohama Agenda in the lead-up to the next annual Leaders Meeting in November 2011 in Hawaii. To facilitate discussion of TPP and East Asian integration as well as the
10、 many trade and investment opportunities that will result, the Japan External Trade Organization (JETRO) will be hosting two seminars in Washington, DC, in coordination with the Center for Strategic and International Studies (CSIS), and Chicago, with co-organizers including the Chicago Council on Gl
11、obal Affairs, on March 2-3 respectively. 2 The Importance of Trade to Achieving Sustainable Growth and Recovery For several decades, Japan has thrived on exports to developed nations, primarily the U.S. and EU. Over the last ten years, however, Japanese exports to the U.S. have almost halved, and to
12、 Europe declined by about 33%.Weakening demand from these traditional trade partners along with anemic domestic consumption, creates an imperative for change. This includes both policy reform, as well as new business models that can address structural deficiencies and introduce growth into Japans st
13、agnating economy. Deteriorating macroeconomic fundamentals are also taking a toll, as rising debt-to-GDP ratio and a reliance on bond issuance to finance government spending is reaching its limit. In remarks at the 2011 opening Diet session, Minister of Finance Yoshihiko Noda stated, “The financial
14、state of our nation is becoming increasingly severe” and noted the nations debt burden can not rely on bond sales and an inward focus to cover revenue shortfalls. Furthermore, according to the Organization for Economic Co-operation and Development (OECD), Japans public debt is set to exceed twice th
15、e size of its economy in 2011 and reach 210% of GDP in 2012. 3 To address these and other important concerns, Prime Minister Naoto Kan and the DPJ announced a New Growth Strategy in May 2010, followed by the Ministry of Economy, Trade and Industry (METI)s Industrial Structure Vision, which further d
16、elineated the challenge of reshaping the Japanese economy. A common theme in the New Growth Strategy and the Industrial Structure Vision is the need to “open Japan” to drive economic growth. Prime Minister Kan admirably stated his intention to lead Japan to this end in his speech at the APEC CEO Summit on November 13, 2010. He noted: “Many countries around the world are now “opening up,” entering into economic partnership agreements one after the other and forming free tr
