Party submits proposal on new regional trading bloc

December 3 , 2020

On December 2, Komeito members of the party’s central board on economic partnerships led by Masaaki Taniai submitted a policy proposal regarding the Regional Comprehensive Partnership Agreement (RCEP) to the Ministry of Economy, Trade and Industry. RCEP is the world’s largest trading bloc comprised of 15 nations, including Australia, ASEAN member-states, China, South Korea and Japan, that was signed on November 15.

Komeito is calling for the Japanese government to take the lead in ensuring that the multinational bloc uphold the principles of commercial interaction that are both free and fair. The party is also urging the RCEP signatories to continue recruiting India—which withdrew from negotiations on November 4—in order to facilitate its early return to the agreement with the aim of enhancing and diversifying trade, investment and supply chains in the region.

The Komeito proposal further cites two points: first, to adopt strict protocols in the area of digital commerce and second, to secure and strengthen a region-wide framework in which smaller businesses and manufacturers also benefit from the fruits of RCEP.

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