KUALA LUMPUR: Japan is bullish about the realisation of Trans Pacific Partnership 11 agreement and has also pledged not sidestep the role of the Regional Comprehensive Economic Partnership’s (RCEP) in ASEAN.
Japanese Ambassador to Malaysia Dr Makio Miyagawa said Malaysia had already signed the agreement.
“TPP is one of those important regional corporation mechanisms which Malaysia has already signed. It is not to replace RCEP as both are important,” he said while expressing’s Japan support for RCEP.
"I still have high hopes that this (TPP) regional trade and investment liberalisation mechanism has a good future," he told reporters while exiting Ilham Gallery following a meeting with the Council of Elders here today.
This is Miyagawa's third meeting with council.
He said foundation had already been laid by Malaysia-Japan Economic Partnership Agreement (MJEPA) and will be further intensified with RCEP, which is mainly an Asean trade consortium with its six negotiating partners.
Japan, which passed a bill to ratify the bill to ratify the remodeled TPP agreement after the exit of the US, has been an active campaigner of the trade consortium.
Japan’s state minister in charge of the agreement, Toshimitsu Motegi also reportedly said the country will host a meeting with chief negotiators from the 11 countries in June or July to confirm each country’s progress on domestic procedures.
The members of the TPP 11 include Australia, Brunei, Canada, Chile, Mexico, New Zealand, Peru, Singapore and Vietnam.
Meanwhile, talks on RCEP have also picked up this year.
However, considerable ground remains to be covered before the 16 Asian countries can conclude the framework for what will be the world’s largest free-trade agreement (FTA), covering almost half of the global population.
On the meeting today, Miyagawa said it was done on the basis of reinvigorating various partnerships between the two nations.
“Education, defence, investment trade and culture. We have a variety of issues that need to be reinforced between the countries,” he added.
Asked for details on policies that will be rebooted besides the Look East Policies, Miyagawa said it is too early to say anything.
He also declined to comment on the possibility of investments being clinched by Malaysia during Prime Minister Tun Dr Mahathir Mohamad’s upcoming visit to Japan.
“I think it’s a little too early and I think Tun (Dr) Mahathir has to do many other things,” he added.
Dr Mahathir will meet with Japan’s prime minister, Shinzo Abe, in Tokyo next week.
The meeting will be held on the sidelines of the 24th International Conference on the Future of Asia, organised by Nikkei-Shimbun for June 11 and 12.