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Economy

Japan foresees $114bn GDP boost from trade pacts

TPP 11 and EU deal to provide benefits similar to original TPP

Representatives from members of the Trans Pacific Partnership get together during the Asia-Pacific Economic Cooperation forum meeting in Danang, Vietnam, on Nov. 9.   © Reuters

TOKYO -- Japan forecasts an aggregate boost of 13 trillion yen ($114 billion) to its gross domestic product from the Trans Pacific Partnership and economic partnership agreement with the European Union, statistics compiled Wednesday show.

The 11-nation TPP -- excluding the U.S., which pulled out under President Donald Trump -- is projected to contribute 8 trillion yen and 460,000 jobs, while the European accord is predicted to add 5 trillion yen and 290,000 jobs. The official figures will be announced Thursday by Toshimitsu Motegi, Japan's minister of state for economic and fiscal policy, after the Council on Economic and Fiscal Policy meets.

The economic impact of the so-called TPP 11 and EU partnership together is expected to rival that of the original TPP. In December 2015, the government estimated that the 12-nation TPP would raise GDP by about 14 trillion yen and create 800,000 jobs.

(Nikkei)

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