Wall Street Journal (November 27)
The free-trade agreements China recently won with South Korea and Australia serve as “a reminder that the rest of the world won’t stand still while Washington and Tokyo dither…. The U.S. and Japan need to transcend their domestic special interests and finish a Pacific trade pact if they want to compete with China for economic influence.”
Tags: Agreements, Australia, China, Compete, Economic influence, Free trade, Japan, South Korea, Special interests, Tokyo, TPP, U.S., Washington
Washington Post (November 18)
Shinzo Abe reached two difficult, but “justifiable” decisions. He will postpone the tax increase and seek a new mandate. “The prime minister still represents the best available option to those who regard Japan’s recovery as indispensable to the global economy and, by extension, the U.S. economy.” The U.S. should “do more to support Japan’s economic recovery,” beginning with the passage “of the Trans-Pacific Partnership trade agreement, whose market-opening provisions could spur Japanese farms and businesses to change their uncompetitive ways.”
Tags: Abe, Farms, Global economy, Japan, Justifiable, Mandate, Market opening, Recovery, Tax increase, TPP, U.S., Uncompetitive
The Economist (February 22, 2014)
“If not championed by leaders who understand its broad benefits,” free trade “will constantly be eroded by narrow economic nationalism. Mr Obama now appears to be surrendering to protectionists within his own party. If he cannot drag Democrats back to their senses, the world will lose its best opportunity in two decades.” Estimates have placed the combined benefit from the Transatlantic Trade and Investment Partnership (TTIP) and the Trans-Pacific Partnership (TPP) at $200 billion for the U.S. alone and $600 billion worldwide.
Tags: Benefits, Democrats, Free trade, Leaders, Nationalism, Obama, Opportunity, Protectionists, Surrender, TPP, TTIP, U.S.
The Economist (June 15)
“Now Mr Abe’s eagerly awaited “third arrow” of structural reforms has fallen well short of the rings, let alone the bull’s eye. Indeed, it is so wide of the mark that one is left wondering if Abenomics has failed before it even properly began.” The disappointing third arrow consisted mainly of “old-fashioned industrial policy which has been tried, and has failed, before… Meaningful deregulation, labour-market reform and steps to make agriculture competitive in order to prepare for the TPP were all shelved. Truly bold measures, such as boosting immigration or changing the electoral system to give proper weight to young and urban voters, are off the agenda entirely.”
Tags: Abe, Abenomics, Agriculture, Deregulation, Electoral system, Immigration, Industrial policy, Japan, Reform, Structural reforms, Third arrow, TPP
Wall Street Journal (March 21)
“The TPP will go ahead with or without Japan. For Tokyo, sitting on the sidelines would only serve to isolate the country at a time when it needs to open up. Japan would lose benefits as high as $295 billion by 2025.” Despite Prime Minister Abe’s recent moves, membership is hardly a done deal. “To secure his country’s future, Shinzo Abe will have to overcome entrenched interests at the party, state and international levels.”
Tags: Abe, Entrenched interests, Free trade, Isolation, Japan, Membership, TPP
The Economist (December 22)
Freer trade is a no-cost measure that the U.S., Japan and Europe can take to boost otherwise weak forecasts of economic growth. “The gains to be had from sluggish rich countries opening their borders to each other’s goods and services look enticing. The world is less integrated than most people realise.” A TPP deal alone “could raise the region’s GDP by more than 1%” and there are two other major trade pacts (an EU/U.S. transatlantic pact and an EU services agreement) with strong potential. “Now is the time to act.”
Tags: Economic growth, Europe, Free trade, Japan, TDP, TPP, U.S.
