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Vietnam Today

Future of TPP discussed on sidelines of APEC ministers meeting

Released at: 08:10, 22/05/2017 APEC Viet Nam 2017

Future of TPP discussed on sidelines of APEC ministers meeting

Illustrative image (Source:e15initiative.org )

Participants share common vision of TPP expanding to include other economies that can accept its high standards.

by Nguyen Quoc

Ministers or deputy ministers from eleven out of the 12 TPP signatory countries, with the exception of the US, met in Hanoi on May 21 to discuss the agreement on the sidelines of the 23rd Meeting of the APEC Ministers Responsible for Trade (MRT 23).

During their discussions, representatives from Australia, Brunei Darussalam, Canada, Chile, Japan, Mexico, New Zealand, Malaysia, Peru, Singapore and Vietnam reaffirmed the balanced outcome and strategic and economic significance of the TPP, highlighting its principles and high standards as a way to promote regional economic integration, contribute positively to economic growth in its member countries, and create new opportunities for workers, families, farmers, businesses, and consumers.

They reached a common view about the value of realizing the agreement’s benefits and to that end agreed to launch a process to assess options to expeditiously bring the comprehensive, high quality agreement into force, including how to facilitate membership for the original signatories.

They tasked their senior trade officials to work together on preparations for this assessment. They also asked that the task be completed before they meet again on the sidelines of the APEC Economic Leaders Meeting on November 10 and 11 this year in the central city of Da Nang.

They also underlined their vision for the TPP to expand to include other economies that can accept its high standards.

Such efforts would address concerns about protectionism and contribute to maintaining open markets, strengthening the rules-based international trading system, increasing world trade, and raising living standards.

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