Business

Japan ratifies TPP, signals hope for free-trade pact

TOKYO Japan yesterday ratified the Trans-Pacific Partnership (TPP), a free-trade pact aimed at linking a dozen Pacific Rim nations, hoping it will one day take effect despite US President-elect Donald Trump's pledge that the United States will withdraw from it.

The TPP, which aims to cut trade barriers in some of Asia's fastest-growing economies, not including China, cannot take effect without the US.

The deal, which has been five years in the making, requires ratification by at least six countries accounting for 85 per cent of the combined gross domestic product of the member nations.

By ratifying the deal in parliament on Friday, Japan is signalling it hopes the accord can be resuscitated when conditions are more favourable.

Government officials said the trade pact would essentially go into deep freeze but that they would not abandon hope of reviving it in future.- REUTERS

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