Abenomics and Japan's Trade Policy in a New Era

Mireya Solís, Shujiro Urata

Research output: Contribution to journalReview article

5 Citations (Scopus)

Abstract

Trade policy, in particular, the Trans-Pacific Partnership Agreement (TPP), has been a centerpiece of the Abe administration's economic strategy. The TPP's contributions to Japan's growth strategy include: (i) creating trade and investment opportunities abroad for Japanese companies through ambitious liberalization targets; (ii) advancing domestic reforms – with the largest service and agricultural liberalization commitments to date; and (iii) increasing bargaining leverage in other trade negotiations. But the domestic reform goals of Abenomics in agriculture have come up short due to opposition from domestic lobbies. American trade politics – which culminated in the US withdrawal from the TPP – have upended the goals of trade policy under Abenomics. Japan's best option in this new environment is to deliver on high quality, multi-party trade agreements: concluding negotiations with Europe; scaling up the ambition of Regional Comprehensive Economic Partnership; and salvaging a TPP 11. The merits of a bilateral free trade agreement with the USA will depend on how the Trump administration operationalizes its America First policy.

Original languageEnglish
Pages (from-to)106-123
Number of pages18
JournalAsian Economic Policy Review
Volume13
Issue number1
DOIs
Publication statusPublished - 2018 Jan 1

    Fingerprint

Keywords

  • Abenomics
  • domestic reform
  • Japan
  • trade policy
  • Trans-Pacific Partnership

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • Political Science and International Relations
  • Management, Monitoring, Policy and Law

Cite this