CPTPP – driving force connecting Asia-Pacific
Updated : Thursday, March 08, 2018 10:05 AM (GMT+0700)

TheComprehensive and Progressive Trans-Pacific Partnership (CPTPP), scheduled tobe inked in Chile on March 8 (local time), is expected to be a new drivingforce for the development of the Asia-Pacific region.

Illustrative image - Source: VNA

One year ago, at ahigh-level dialogue hosted by Chile in March 2017, 11 countries, namelyAustralia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru,Singapore, and Vietnam, discussed initial steps to “save” the ambitiousTrans-Pacific Agreement (TPP) after the US’s withdrawal.

They agreed to maintain thedeal and renamed it CPTPP.

On the context that tradeprotectionism is arising in many places around the world and causing negativeimpacts on the global economic growth, the birth of the CPTPP will make a greatstride connecting economies on the Pacific Ocean rim.

Chilean Foreign MinisterHeraldo Munoz said that the deal would create favourable conditions to generatemore jobs, boost economic growth, improve people’s living conditions, andstrengthen cooperation among the signatories.

Leaders of the 11signatories showed their determination to promote trade liberalisation,contribute to comprehensive development and bring about benefits for not onlyparticipants but also other nations across the world.

The birth of an inclusivefree trade agreement like CPTPP reflects that the Asia-Pacific region continuesleading the world in economic integration and connectivity.

It also shows that in thecontext of globalisation, a free trade agreement system on the equal andmutually-beneficial basis is an effective solution to helping economiesovercome negative consequences of crises and effectively respond tosocio-economic and environmental challenges towards sustainable development.Meanwhile, trade barriers and unfair competitiveness not only affect nations’links but also worsen trust among partners.

CPTPP sets high criteria innumerous fields, including labour, the environment, intellectual property,digital economy and cyber security.

More than 20 provisions ofthe CPTPP, including sensitive ones related to intellectual property, weresuspended or changed in comparison to the TPP.

The agreement, once signed,will create one of the world’s largest free trade blocs with a combined marketof 463 million people and GDP of around 10,000 billion USD, accounting for 13percent of the global GDP.

It will bring aboutimportant commitments involved in non-tariff barriers, services, investment andother fields.


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