The 12 countries taking part in the negotiations for the Trans-Pacific Partnership (TPP) free trade agreement will hold ministerial-level talks in late May in the Philippines, following talks among their chief negotiators in Guam. As the countries step up their efforts to reach a broad agreement on major issues at the ministerial meeting, Japan and the United States, the two biggest economies among the participants, are hoping to round up their TPP-related bilateral negotiations.
Some argue that since China's initiative to create the new Asian Infrastructure Investment Bank is gaining momentum, attracting not only Asian economies but also major European powers as founding members, serious efforts should be made to wrap up the TPP talks now to establish a framework of economic cooperation in the Asia-Pacific region led by the U.S. and Japan to counter China's rising clout.
The Abe administration should not be swayed by such an argument and ought to refrain from making hasty moves in the TPP talks, keeping in mind that once the TPP takes effect, it's going to have a deep and wide-ranging impact on Japan's economic and social structure. The government needs to set aside political considerations and make cool-headed calculations concerning the long-term merits and demerits of the free trade pact. It should never make easy compromises that potentially damage Japan's interests while bringing few gains.