CP TPP – a progressive trade direction in 21st century
Updated : Wednesday, March 14, 2018 10:28 AM (GMT+0700)

Oneyear after the US’s withdrawal from the Trans-Pacific Partnership (TPP), theremaining 11 Asia-Pacific countries, including Vietnam, have signed a newComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)to remove tariff barriers in the region.

Representatives of countries joined the signing ceremony of the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership (CP TPP) ​in Santiago on March 8 -
Source: AFP/VNA

This is considered a movetowards progressive, open and equal trade, without the threat of trade wars.

The signing of the CPTPP hasdelivered a strong message against protectionism, which is emerging across theworld as a barrier to global trade growth.

The new deal also marks theendless efforts of the remaining 11 member countries to revive the TPP.

Japanese Minister ofState for Economic and Fiscal Policy Toshimitsu Motegi described theCPTPP as a historic achievement that creates free and fair rules inAsia-Pacific.

The deal not only benefitsmember countries but also creates new momentum for regional economic-tradecooperation and connection.

Many leaders from the 11CPTPP nations have welcomed the pact as a clear message of support for freetrade and multilateralism.

Chilean President MichelleBachelet declared that the signing of the CPTPP is a commitment to globalintegration and a strong signal against protectionism. It is also an ambitiousand strategic multilateral cooperation deal in the context of globalisation.

Covering 500 million peopleon both sides of the Pacific Ocean, the pact represents a new vision for globaltrade as the US imposes steel and aluminum tariffs on even some ofits closest allies.

The New York Times quotedWendy Cutler, a former United States trade negotiator who worked on theTrans-Pacific Partnership as saying it’s hard for the US to ignore rules thatother countries have agreed and must look carefully at these rules.

Meanwhile, the Wall StreetJournal posted a story titled “In America’s Absence, the TPP Goes On”,highlighting the survival of the TPP, now CPTPP or TPP – 11, which will be aboon to traders in Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico,New Zealand, Peru, Singapore and Vietnam. 

The CPTPP is also the latestillustration that other countries are accelerating efforts to conclude tradedeals. 

The CPTPP was inked at aceremony chaired by Chilean President Micelle Bachelet in Chile on March 8,2018.

Trade ministers of 11countries participating in the trade pact, namely Australia, Brunei, Canada,Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam, attended theevent. 

The ambitious deal cameafter the US pulled out of the TPP agreement last year. It sets high criteriain numerous fields, including labour, the environment, intellectual property,digital economy and cyber security.

The pact will create one ofthe world’s largest free trade blocs with a combined market of 499 millionpeople and GDP of about 10.1 trillion USD, accounting for 13.5 percent ofglobal GDP.


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