The government said Thursday it expects the recently sealed Trans-Pacific Partnership trade pact to boost gross domestic product by ¥13.6 trillion or 2.59 percent from fiscal 2014 in its first estimate since the deal was struck in October.
Growth will be driven by exports and investment is to be facilitated by the removal or lowering of tariffs and unified international rules under the 12-nation free trade initiative.
While the expected growth will create 795,000 new jobs, or 1.25 percent of the 63.6 million-strong workforce in fiscal 2014, the trade pact will cause a ¥130 billion loss to the agriculture, forestry and fishery sector. This will become a mere ¥210 billion in size through competition with cheaper imports.