U.S. Secures Japanese Insurance Commitments As Part Of Deal On TPP

摘要

Japan has agreed to take a two-pronged approach toward addressing outstanding U.S. worries that foreign insurance companies are unable to fairly compete against the state-owned Japan Post Insurance company. Commitments on insurance were a key element of an agreement between the two sides that cleared the way for the United States to announce last week that it is endorsing Japan's participation in the Trans-Pacific Partnership (TPP) negotiations. The first prong of the deal is an upfront unilateral announcement by Japan to refrain from giving Japan Post Insurance approval to offer new or modified cancer insurance and/or standalone medical products. Second, Japan has agreed to enter into a separate bilateral track of negotiations where it will address level-playing field issues related to Japan Post among other non-tariff measures (NTMs).