Pacific trade negotiators explore TPP deal without US
Negotiators from 11 member countries of the TPP agreement gathered for a meeting in Toronto, Canada on May 2 to explore the possibility of putting the trade pact into force without the US.
Hanoi (VNA) – Negotiators from 11 member countries of the Trans-Pacific Partnership (TPP) Agreement gatheredfor a meeting in Toronto, Canada on May 2 to explore the possibility of putting the trade pact into force without the US.
Japan’s chief negotiator, Keiichi Katakami on May 1-2 met with nine out of histen counterparts to lay the groundwork for the two-day meeting.
Speakingto reporters ahead of the meeting, Katakami stressed the 11 countries need to uniteto enable the deal to take effect.
Japanhopes to strike a new deal by mid-November when Vietnam will host a summit ofthe Asia-Pacific Economic Cooperation (APEC) forum, he added.
Previously, Japan had expressed reluctance to have the TPP come into forcewithout the US – the largest market in the group.
But with free trade perceived to be under threat with the rise of protectionismsince the launch of the administration of US President Donald Trump, calls havebeen growing in the government for Tokyo’s leadership to keep up the momentumfor the free trade.
TPP was signed in February in 2016 by Australia, Brunei, Canada, Chile, Japan,Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam, coveringaround 40 percent of the global economy.
The withdrawal of the US prevents the deal from takingeffect because the country represents over 60 percent of the trade bloc’sGDP.-VNA
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Illustrative image (Source: Internet) 
