Japanese PM pushes TPP forward after Trump win

Global Business

Japan’s government has pushed hard for the approval of the TPP, hoping that it would be able to inject much-needed vigor into the country’s stagnant economy. However, U.S. President-elect Donald Trump is opposed to the deal and everything will be up in the air after he takes office.

CCTV’s Terrence Terashima reports the story.

Japanese PM pushes TPP forward after Trump win

Japan’s government has pushed hard for the approval of the TPP, hoping that it would be able to inject much-needed vigor into the country’s stagnant economy. However, U.S. President-elect Donald Trump is opposed to the deal and everything will be up in the air after he takes office. CCTV’s Terrence Terashima reports the story.

Japanese upper house lawmakers continue to debate on ratifying the controversial Trans-Pacific Partnership Trade agreement, despite a fatal blow by the U.S. President-elect Donald Trump announcing that his first priority as a president will be to withdraw from the trade deal.

Prime Minister Shinzo Abe is under strong criticism for forcefully passing the TPP related bills through the lower house a day after Donald Trump was elected, knowing Trump’s position on the Trade Agreement. Japanese farming communities have long opposed the TPP. Concerned that the trade pact will diminish country’s farms and agriculture.

However, it is looking likely that the TPP bills will be enacted on Friday.

Constitutional provision states that bills can be automatically enacted after 30 days of passing the lower house if the upper house fails to vote on it. And for the TPP related bills Dec 9 is the deadline.

One of the reasons for Abe to continue in ratifying the trade deal is that his administration regards the TPP as a pillar of its growth strategy.

However, many experts said TPP will not bring about as much benefit as what the government has outlined, more so if the U.S. pulls out of the agreement.

Many experts say Japan should now place more emphasis on Trade in Asia than pursuing a lame duck trade pact.

Oppositions said it will be an embarrassment for Japan if the TPP fails to take effect, after continuing to push its ratification. Some are already calling to pursue Abe’s responsibility if and when the trade pact fails.


Vietnam economic hopes dashed with TPP after Trump victory

Under Donald Trump’s presidency, the prospects for the Trans-Pacific Partnership look gloomy. Vietnam was once expecting to benefit from the agreement but it is now turning to other deals to boost its economy.

CCTV’s Calum Stuart reports the story.

Vietnam economic hopes dashed with TPP after Trump victory

Under Donald Trump's presidency, the prospects for the Trans-Pacific Partnership look gloomy. Vietnam was once expecting to benefit from the agreement but it is now turning to other deals to boost its economy. CCTV’s Calum Stuart reports the story.

Vietnam is the world’s second biggest supplier of coffee, accounting for 15 percent of global consumption. It’s a key agricultural product and generates million of jobs. The government is targeting as much as $6 billion in earnings from the sector by 2030. But now with the Trans-Pacific Partnership grinding towards collapse, the likelihood of achieving that goal could prove a challenge.

Vietnam had been one of the most aggressive proponents of the TPP, and was widely considered to be one of the pact’s main beneficiaries. For the coffee industry, it was expected to help ramp up production and create more jobs, further boosting the country’s rising GDP and emerging middle class.

To offset the loss of potential trade opportunities, the government has already signed and implemented a raft of two-way trade agreements and is expected to continue channeling efforts into such bilateral deals.