Chile pays heed to Trans-Pacific Partnership

The Trans-Pacific Partnership (TPP) is an ambitious deal created by 12 dynamic countries in the 21 st century, Chilean President Michelle Bachelet told reporters on October 10.

TPP membership reflects a move toward in-depth global integration that Chile has supported for the past 25 years, she said.

Bachelet also shared information regarding some sensitive issues that arose during negotiations, such as intelligent property and eco-products, adding that the deal has been sealed. It has balanced benefits to all its members.

The agreement will usher in tremendous opportunities and challenges for the country, once several tariff lines are eliminated.

The TPP deal still needs to be approved by Chile’s National Congress.

Trade ministers from the 12 TPP member countries reached final consensus on the world’s largest free trade agreement on October 5 after more than five years of negotiations.

Once it goes into effect, it will delineate the world’s largest free trade area with a population of 800 million people, representing about 40 percent of global gross domestic product and 30 percent of global trade turnover.

Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam are members of the TPP.-VNA