Japan Joins Talks On Asia-Pacific Trade Pact

The U.S. chemical industry says it welcomes Japan’s entry into talks on a massive Asia-Pacific free-trade agreement. “Japan’s presence in these negotiations can broaden their scope and impact while helping to pave the way for U.S. businesses to advance existing commercial relationships with this important trading partner,” says the American Chemistry Council, a trade group representing 140 major chemical manufacturers. On April 20, trade ministers from 11 countries already negotiating the Trans-Pacific Partnership approved Japan’s bid to join the talks. With the world’s third-largest economy now on board, the pact would cover nearly 40% of global economic output and one-third of all world trade. “American jobs depend on access to important markets, and free-trade agreements work to remove trade barriers and ensure a level playing field for U.S. chemical manufacturers,” ACC says. The industry group says the Asian trade deal could generate an additional $1.2 billion in export growth in the chemical sector. Japan joins Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S., and Vietnam in the negotiations, which are likely to extend into 2014.