CP TPP trade deal officially inked in Chile
Updated : Friday, March 09, 2018 9:53 AM (GMT+0700)

TheComprehensive and Progressive Agreement for Trans-Pacific Partnership (CP TPP)was officially inked at a ceremony chaired by Chilean President MicelleBachelet in Santiago de Chile on March 8.

 
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP TPP)
was officially inked in Chile on March 8 - Photo: VNA

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

Vietnam was represented byMinister of Industry and Trade Tran Tuan Anh. 

The ambitious deal cameafter the US pulled out the Trans-Pacific Partnership (TPP) agreement lastyear. The content of TP TPP was basically unchanged from the original TPP with8,000 pages, except for the suspended implementation of 22 provisions mainlyrelated to intellectual property. It sets high criteria in numerous fields,including labour, the environment, intellectual property, digital economy andcyber security.

The official signing of thepact will facilitate the promotion of economic growth and job generation,poverty reduction, and improvement of people’s living conditions. With itscommitment to market opening, CP TPP delivers a strong message againstprotectionism, while proving that an opening economy will benefit membernations, according to experts.

The pact will create one ofthe world’s largest free trade blocs with a combined market of 499 millionpeople and GDP of around 10,100 billion USD, accounting for 13.5 percent of theglobal GDP.

Vietnam made significantcontributions to the pact’s negotiations, especially at the APEC High EconomicLeaders’ Week in Da Nang in November, 2017. The country’s efforts affirm itsrole in promoting free trade and economic integration in the Asia, America andPacific Ocean.

Chilean President MichelleBachelet declared that the signing of the CP TPP is a commitment of globalintegration and a strong signal against protectionism pressure.

Speaking at the signingceremony, she expressed her delight over the birth of the free trade agreementwhich is billed as an ambitious and strategic multi-lateral cooperation deal inthe context of globalisation.

She spoke highly the role ofJapan and Chile with the initiative to forge ahead with the agreement after theUS’s pullout in 2017.

At a press conference heldafter the signing ceremony, Chilean Foreign Minister Heraldo Munoz affirmedthat the parties in the CP TPP hoped the pact will bring economic growth toevery nation.

Meanwhile, Japanese Ministerof State for Economic and Fiscal Policy Toshimitsu Motegi noted that despiteformidable challenges, CP TPP is a historic achievement that creates principleson trade freedom and fairness in the 21st century in Asia-Pacific. 

Member countries would stillwelcome the US back into the pact, he said, adding that the deal opens door toany country that wants to join and accepts all of its principles.

Source:VNA

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