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Trade war

Japan rings in the year of mega free trade

TPP-11 zone covers a big chunk of global GDP -- but not US and China

A ship leaves a port in Indonesia, which has indicated interest in joining the Trans-Pacific Partnership trade agreement.   © Reuters

TOKYO -- The Dec. 30 implementation of the 11-member Trans-Pacific Partnership trade pact ushers in a new era with nearly 40% of global gross domestic product under multilateral free trade agreements, standing in sharp contrast to the trade war in which America and China are mired.

The so-called TPP-11 will virtually eliminate tariffs eventually throughout the Pacific Rim community. For member nations, all Japanese tariffs on industrial goods will be eliminated, as will 82.3% of tariffs on farm, forestry and fishery products.

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