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).
Vietnamese Minister of Industry and Trade Tran Tuan Anh (L) and Japanese Minister of Economic Revitalisation Toshimitsu Motegi co-chair the press conference (Source: VNA)
Da Nang (VNA) – Trade ministers from 11 member countries of theTrans-Pacific Partnership (TPP) have agreed on core elements of the pact, whichis from now on called the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP).
This was remarked in a joint statement issued on November 11 morning followingthe TPP Ministerial Meeting which took place within the framework of the APECEconomic Leaders’ Week in the central city of Da Nang on November 9-10, saidVietnamese Minister of Industry and Trade Tran Tuan Anh.
Anh said at a press conference on November 11 that the 11 countries consented topush ahead with the trade pact without the United States which decided toabandon the deal.
The ministers agreed not to make amendments to the original text but freeze theimplementation of some clauses to ensure balance and the quality of thedocument in the new context.
They said the CPTPP is a comprehensive and high-standard agreement on the basisof balancing interests of its member countries, with regard to theirdevelopment levels.
Based on the statement, the ministers assigned chief negotiators to continue towork on contentious technical issues and conduct legal reviews in preparationfor the signing of the pact, Anh said.
The outcomes of the meeting demonstrate great efforts made by the 11 TPPcountries to spur economic development, generate jobs, improve people’s livingstandards, facilitate trade development, enhance regional economic ties andintegrate into the world.
The trade pact was officially inked on February4, 2016 among 12 countries, including the US, Canada, Mexico, Peru, Chile, NewZealand, Australia, Japan, Singapore, Brunei, Malaysia, and Vietnam. TPP is anew-generation free trade agreement with high level of commitment coveringtrade 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 forwardwithout the US.-VNA
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Vietnamese Minister of Industry and Trade Tran Tuan Anh (L) and Japanese Minister of Economic Revitalisation Toshimitsu Motegi co-chair the press conference (Source: VNA) 
