November 20, 2017 10:47

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APEC 2017: TPP advances with new name

16:12 | 11/11/2017

Trade ministers from 11 member countries of the Trans-Pacific Partnership (TPP) have agreed on core elements of the pact, which is from now on called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

apec 2017 tpp advances with new name

Vietnamese Minister of Industry and Trade Tran Tuan Anh (L) and Japanese Minister of Economic Revitalisation Toshimitsu Motegi co-chair the press conference

This was remarked in a joint statement issued on November 11 morning following the TPP Ministerial Meeting which took place within the framework of the APEC Economic Leaders’ Week in the central city of Da Nang on November 9-10, said Vietnamese Minister of Industry and Trade Tran Tuan Anh.

Anh said at a press conference on November 11 that the 11 countries consented to push ahead with the trade pact without the United States which decided to abandon the deal.

The ministers agreed not to make amendments to the original text but freeze the implementation of some clauses to ensure balance and the quality of the document in the new context.

They said the CPTPP is a comprehensive and high-standard agreement on the basis of balancing interests of its member countries, with regard to their development levels.

Based on the statement, the ministers assigned chief negotiators to continue to work on contentious technical issues and conduct legal reviews in preparation for the signing of the pact, Anh said.

The outcomes of the meeting demonstrate great efforts made by the 11 TPP countries to spur economic development, generate jobs, improve people’s living standards, facilitate trade development, enhance regional economic ties and integrate into the world.

The trade pact was officially inked on February 4, 2016 among 12 countries, including the US, Canada, Mexico, Peru, Chile, New Zealand, Australia, Japan, Singapore, Brunei, Malaysia, and Vietnam. TPP is a new-generation free trade agreement with high level of commitment covering trade and non-trade issues.

However, after taking the office in January, 2017, US President Donald Trump decided to withdraw his country from the pact. The remaining TPP countries are working toward a new deal that can move forward without the US.

Source: VOV