Leaders vow to bring TPP pact into force soon

Manila (VNA) - Leaders of the 12 Trans-Pacific Partnership (TPP) member countries adopted a Joint Statement demonstrating their strong commitment to pushing ahead with the signing, ratification, and execution of the agreement at the sixth high-level meeting in Manila, the Philippines, on November 18.

This was the first time that TPP leaders from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam came together since negotiations on the world’s largest free trade pact concluded in Atlanta, the US, last October.

The leaders expressed their confidence that the agreement will help promote and expand mutually beneficial connectivity among member economies as well as enhance regional competitive edge and generate jobs for locals, especially young people.

Addressing the event, Vietnamese President Truong Tan Sang said the conclusion of the Trans-Pacific Partnership (TPP) agreement and the establishment of the ASEAN Community will create a new momentum for peace and regional connectivity as well as sustainable, inclusive growth and cooperation in the Asia-Pacific Economic Cooperation (APEC) forum and the Asian-Pacific region at large.

The execution of the TPP will face challenges, especially for developing member countries, he said, adding that the involved parties should continue close coordination and mutual assistance so that the TPP will be signed, ratified and implemented as scheduled.

The President called on member countries to promote their cooperative spirit on the basic of mutual respect and benefits while paying due attention to the specific situation and the diverse development levels in member countries. He also urged more technical support and capacity building for developing members to ensure local people could benefit from the pact.

He noted that the TPP is receiving more interest from partners in the region, which creates a propitious premise for the formation of a free trade area across Asia-Pacific, thus making the agreement more attractive and significant in embracing regional connectivity in the new period.

The TPP high-level meeting took place on the occasion of the APEC Summit. It has become an annual practice since the TPP negotiations kicked off in 2010.

This year’s meeting has significant meaning as it marks the completion of a balanced and comprehensive pact after five years of negotiations. The full text of the agreement was released by all member countries on November 5 as references for businesses and people.

The parties involved are exerting every effort to complete all necessary domestic formalities to sign and ratify the agreement as scheduled.-VNA