Trans-Pacific Partnership Concluded And To Be Implemented

On October 5, 2015, applicable trade ministers successfully concluded the Trans-Pacific Partnership ("TPP") during meetings held in Atlanta, Georgia. In response to these developments, and because the TPP will require each participating country to make changes to its domestic laws and regulations, the Japanese Government has started considering amendments to laws and regulations in the following areas:

1. Tariff and Customs Procedures Relating to Market Access and Rules of Origin

With respect to the trade of goods: (1) customs will be eliminated or reduced according to the timeframes agreed to in the TPP; (2) rules of origin that define whether a particular good originates in the TPP region shall be decided upon; and (3) a temporary safeguard mechanism will be provided, which will allow a party to protect domestic industries from potentially serious injury caused by a rapid increase of import goods.