Japanese Minister of Free Trade, Mr. Toshimitsu Motegi winded up his meeting with Deputy Prime Minister Mr. Somkid Jatusripitak. Motegi told reporters that Thailand has made it clear that it is largely interested to take part in the Trans-Pacific Partnership (TPP) with 11 other countries in the region alongside Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, after United States withdrew in 2016. The 11 countries together make up 40% of the world’s global economy after signing the CPTPP agreement this year March.

Motegi expressed that Japan welcomes Thailand in joining TPP 11 and hopes to increase the number of members by become an alliance for new members who wish to join. Motegi indicated that Thailand’s participation in the TPP 11 will likely help prompt and strengthen the economy of the TPP partnership. Thailand is one of the major manufacturers for Japan’s automobile industry which is a major exporter of automobiles to the rest of the Southeast Asia and Pacific region.  The wholesale and service sectors in Thailand has also largely contributed to the economy, making Thailand an important contributor if it joins the TPP 11.

Being the largest economy in the present TPP agreement, Japan wishes to increase the number of members in order to expand and strengthen the TPP agreement and global partnerships.

TPP 11 will have its first conference in June or July with its delegates from each of the countries to discuss the policy and plan to recruiting new members. Participation must be approved by each of the countries before joining. The earliest date for such to take place is estimated to be in 2019. Motegi hopes that Thailand’s participation will further prompt the United States to consider rejoining the trade pact.

Source: Bangkok Post, Sina Beijing