The economies of the Pacific Rim were thrust into the spotlight in early October with news of the largest trade pact in years being struck between the US, Japan and 10 other nations.
Though it has yet to be formally signed and ratified, the Trans-Pacific Partnership would cover up to 40% of the global economy and create an economic bloc with reduced trade barriers and increased freedom in investment.
The proposed pact is thought to be a strategic political victory for both US President Barack Obama and Japanese Prime Minister Shinzo Abe; for the latter it would reportedly represent a key component of the so-called ‘third arrow’ of economic reforms that have been sought since taking office three years ago.
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