This was the first in-person meeting of the CPTPP Commission since the COVID-19 pandemic broke out in early 2020. (Photo: VNA) This was the first in-person meeting of the CPTPPCommission since the COVID-19 pandemic broke out in early 2020.
In his opening remarks, Singaporean Minister for Tradeand Industry Gan Kim Yong said after the three-year implementation, the agreementhas already started to deliver trade benefits to member states.
He referred to a study that found trade in goods amongCPTPP members increased by about 15%, from 467 billion USD in 2019 to 535billion USD in 2021.
Participants expressed their delight at Malaysia's ratification of the deal which will come into force with the Southeast Asian country on November 29, 2022 .
They also welcomed the adoption of the Guidelines forMutual Recognition Agreements or Arrangements for Professional Services underthe Professional Services Working Group.
These guidelines provide practical guidance for governments,relevant bodies or authorities or other entities entering into mutualrecognition negotiations for regulated professional services.
Demonstrating their commitment to advance the CPTPP, themember states continued to explore new and emerging areas of cooperation in thedigital economy and green economy.
They welcomed the progress of the ongoing discussionsfor the UK’s accession process and resolve to ensure that the high standards ofthe CPTPP are upheld throughout this process.
“We acknowledge all efforts made thus far to ensurethe UK’s compliance with all the obligations of the Agreement and look forwardto further progress on the accession process with the commitment of both theCPTPP membership and the UK,” according to the joint statement of the meeting.
Launched in December 2018, the CPTPP was signed by 11countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico,New Zealand, Peru, Singapore and Vietnam. The free trade area accounts for anestimated 13% of the global GDP./.
VNA
