Pacific countries seek to expand CPTPP
Updated : Thursday, July 19, 2018 9:42 AM (GMT+0700)

Chiefnegotiators of the 11 countries involved in the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP) on July 18 met in Kanagawa prefectureof Japan to accelerate the completion of domestic procedures so that the dealwill come into effect soon.

 
Representatives of CPTPP members at the signing ceremony in Chile last March
- Photo: AFP/VNA

Head of the MultilateralTrade Policy Department under the Ministry of Industry and Trade Luong HoangThai led the Vietnamese delegation to the two-day event.

Japanese chief negotiatorKazuyoshi Umemoto expressed his hope that the deal will take effect on theoutset of 2019.

According to consensus amongthe 11 members, the deal will come into force 60 days after at least sixcountries complete domestic approval procedures. Together with Japan and Mexicowho finished all domestic procedures for the ratification of the pact,Singapore and New Zealand will fulfill all processes this year.

The participants alsodiscussed measures to expand the CPTPP. Currently, Thailand and Columbia haveshowed their interest in joining the deal.

The original Trans-PacificPartnership (TPP) was signed by 12 countries in February 2016 but US PresidentDonald Trump pulled his country from the deal upon his inauguration in January2017.

The remaining 11 countries,namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand,Peru, Singapore and Vietnam, signed the pact and renamed it the CPTPP in March2018 in Chile.

The pact is expected toboost economic growth, create more jobs, reduce poverty and improve the qualityof life for people in member countries.

It will create one of theworld’s largest free trade blocs with a combined market of 499 million peopleand GDP of around 10.1 trillion USD, accounting for 13.5 percent of the globalGDP.

Source:VNA

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