In his speech addressing the Organization for Economic Co-operation and Development, Japanese Prime Minister Shinzo Abe called for the Paris-based organization to play a significant part in initiating fair international trade rules. Abe, on the other hand, pledged for Japan’s cooperation in concluding a multinational free trade deal negotiations as soon as possible.
Abe, who was in Paris as part of his six-nation European tour, defended Abenomics as the answer to the deflation Japan has been in the past two decades. He also discussed his commitment to increase international trade for the world’s third largest economy. “Together with the nation sharing basic views, I will create a big economic zone that ensures free competition under fair rules,” he said. He further stressing that the OECD has a significant role to “disseminate fair rules to the world.” Abe visited Europe to continue talks for the fifth time on a free trade deal, which has been halted because they could not get around the issue of trade barriers and lower tariffs. On the other hand, the Trans-Pacific Partnership multilateral free trade deal is “in the final phase” of its negotiations with the United States as the recent visit of President Barak Obama failed to produce a final agreement.
Abe told those present at the meeting that Japan is “on the verge of escaping from deflation,” thanks to the reforms implemented as part of his “Abenomics” policy. He pledged to launch further reforms that are intended to catapult Japan out of its economic slump and encourage foreign investors to come to the country. Part of the reforms would also entail change in energy source apart from nuclear energy, as the country continues to reel from the ill-effects of the 2011 triple disasters.
[via Nikkei Asian Review]
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