Politico

Countries agree on Pacific trade pact that excludes U.S.

Written by Lisa

DA NANG, Vietnam — Top trade officials from the 11 remaining members of the Trans-Pacific Partnership have agreed on a plan to bring the pact into force without the United States, according to a joint statement provided to POLITICO by the Chilean government.

The move came one day after President Donald Trump sharply criticized large multilateral trade deals during his keynote speech at the annual APEC leaders summit here.

“Ministers are pleased to announce that they have agreed on the core elements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),” the statement said.

“Ministers agreed to Annex I and II (attached) which incorporates provisions of the TPP, with the exception of a limited set of provisions which will be suspended,” the statement said.

However, “This text also incorporates a list of four specific items for which substantial progress was made but consensus must be achieved prior to signing,” the statement added.

The trade ministers have now tasked officials with fleshing out the technicalities of the CPTPP to prepare for legal verification of the English text, as well as translations, before it can be signed.

The 11 countries agreeing to the new CPTPP pact are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Continue

About the author

Lisa

Leave a Comment