TPP11 (CPTPP): Its Implications for Japan-Latin America Trade Relations in Times of Uncertainty

Mikio Kuwayama
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Mikio Kuwayama: Research Fellow of Kobe University Research Institute for Economics and Business (RIEB) and Managing Director of the Japan Association of Latin America and the Caribbean (JALAC), Japan

No DP2019-05, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: The paper examines the economic and political implications of the entry into force of the TPP11 (CPTPP) on trade relations between Japan and Latin America amid the increasing anti-globalism sentiments and protectionism in the world economy. The paper argues that its entry in force sends the world the message that Japan is prepared to play a leading role in preserving the multilateral trading system and that the benefits of TPP11 are significant; it has a potential to discourage harmful trade policies by building a 21st-century rules-based trading system, with a possibility that its trade rules will become the de facto trade rules of the Asia-Pacific region. The TPP also differs from other conventional mega FTAs by incorporating development dimensions into trade negotiations. In addition, TPP11 is likely to fill a geopolitical vacuum created by the retreat of U.S. global leadership, which is unlikely, at least for now, to be filled by China's "socialist-type" trade liberalism. Another benefit of TPP11 might be that it will open to Latin America new venues and ways to construct strategic relations with the Asia-Pacific countries, and rewrite integration strategies within the proper LAC region. A more unified and enlarged regional market resulting from joint efforts between the Alliance and Mercosur, on the one hand, and more connected regional markets with the EU, EFTA and Asia-Pacific countries (e.g., Australia, Canada, Korea, Singapore, and possibly Japan), on the other, will enhance the attractiveness of LAC as a region. However, as the membership of the Pacific Alliance expands, there might emerge two similar, overlapping transpacific mega agreements in progress; this might pose a challenge to the ongoing "Japan-led" TPP process.

Pages: 36 pages
Date: 2019-03
New Economics Papers: this item is included in nep-int and nep-sea
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