US Treasury Secretary Steven Mnuchin (Photo: Bloomberg) Hanoi (VNA) - The US will consider rejoining the freshly-signedComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)after it deals with other priorities, US Treasury Secretary Steven Mnuchin hassaid.
Mnuchin said that the Trump administration is now focusing on talks torenegotiate the North American Free Trade Agreement (NAFTA) and that it wouldbe "a bit premature" to review details of what needs to be addressedfor the US to reconsider joining the CPTPP.
"But as we accomplish our goals on these other tradingrelationships, this (CPTPP) is definitely something that we'll consider, andChile will be a big partner of ours in that at the right time," he said ata press conference following a two-day meeting of G-20 officials in Argentina.
President Donald Trump withdrew the US from the Trans-PacificPartnership (TPP) Agreement last year, but the remaining 11 members –Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru,Singapore and Vietnam - pressed ahead and signed the renegotiated pact in theChilean capital of Santiago on March 8 (local time).
The deal aimed at streamlining trade and slashing tariffs was renamedthe Comprehensive and Progressive Agreement Trans-Pacific Partnership. It setshigh criteria in numerous fields, including labour, the environment,intellectual property, digital economy and cyber security.
Twenty-two provisions of the CPTPP, including sensitive ones related tointellectual property, were suspended or changed in comparison to the TPP.
The pact is expected to facilitate for the promotion of economic growthand job generation, poverty reduction, and improvement of people’s livingconditions.
It will be a strong message against protectionism, while proving that anopening economy will benefit member nations, according to experts.
The pact will create one of the world’s largest free trade blocs with acombined market of 463 million people and GDP of around 10,000 billion USD,accounting for 13 percent of the global GDP.
It will bring about important commitments involved in non-tariffbarriers, services, investment and other fields.
The pact will come into force 60 days after it is fully ratified by sixof the 11 members.-VNA
VNA
