Washington, D.C. – Today, U.S. Rep. Ed Royce (R-CA), Chairman of the House Foreign Affairs Committee, issued the following statement on Japan’s decision to seek membership in the Trans-Pacific Partnership (TPP) Agreement, a trade initiative involving eleven other countries:

“Japan’s decision to join TPP is a positive step –the potential economic benefits for the U.S. are significant– but a lot of work needs to be done, particularly as it relates to financial services, manufacturing, and agriculture.  I urge the Administration to consult closely with Congress as we begin negotiations.”

The TPP will boost the competitiveness of TPP countries in the global economy by eliminating tariffs and other barriers to goods and services trade and investment, facilitating the development of production and supply chains among TPP members, promote trade and investment in innovative products and services, and addressing cross-cutting issues like regulatory coherence and business facilitation.