Japan: Course Towards Joining to Trans-Pacific Community

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V. Strel’tsov, MGIMO University, 76, prosp. Vernadskogo, Moscow, 119454, Russian Federation (d.streltsov@inno.mgimo.ru).



Abstract

Currently, ten countries are negotiating the membership in the Trans-Pacific Partnership (TTP). After joining of Japan (Japan is the third-largest economy of Asia-Pacific region after USA and China) the TTP will acquire a qualitatively new status while becoming a full-fledged prototype of a Pacific free trade area. As a result, such a zone could cover a wider range of countries on both sides of the Pacific Ocean. From this point of view, Japan’s participation certainly will mark a qualitative leap in the TPPs evolution, namely a transfer from the status of a peripheral economic block into a structure of global importance. Participation of Japan (which is an economic heavyweight) in the TTP will give a new impetus to the development of the world economy. Also, it will be an important step in coping with the aftermaths of the global financial and economic crisis. A happy end story, i.e. the creation of an effective framework for economic integration in the Asia-Pacific region, would have a considerable positive impact on the integration processes in Europe, where the acute debt crisis has put under question the viability of the European integration model.


Keywords

Japan, Trans-Pacific Partnership (TTP), economic integration, liberalization, deregulation, social standards, employment, reconstruction


Registered in system SCIENCE INDEX

For citation:
Streltsov V. Japan: Course Towards Joining to Trans-Pacific Community. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2012, No 12, pp. 70-77



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