Ministers of 11 TPP member countries to meet in Hanoi
Ministers from 11 countries joining the TPP are scheduled to gather in Hanoi on May 21, with Japan pushing for the free trade pact to be put into force as soon as possible without the US.
Illustrative image (Source: VNA)
During the meeting, to be co-chaired
by Vietnam and New Zealand, the ministers will
discuss the creation of new rules that would enable Washington to easily return
to the deal if circumstances were to change.
So far, only Japan
and New Zealand have ratified the pact. Some countries that hoped to boost
exports to the United States may be reluctant to implement just the 11-party
TPP, arguing that without the world’s largest economy, the agreement would
little benefit their economies.
Canada and Mexico have been unwilling to irritate US President Donald Trump by joining the TPP, as they stare down a possible renegotiation of the North American Free Trade Agreement with Washington in the near future.
The TPP was signed by the 12 nations, including Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Canada and Mexico have been unwilling to irritate US President Donald Trump by joining the TPP, as they stare down a possible renegotiation of the North American Free Trade Agreement with Washington in the near future.
The TPP was signed by the 12 nations, including Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Under current rules,
the TPP requires ratification by nations accounting for 85 percent of the
combined gross domestic product of the 12 countries. The deal was therefore
effectively dead following the withdrawal of the United States, as the country represents
over 60 percent of the trade bloc’s GDP.-VNA
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