October 17, 2018, 10:28

New TPP Pact May Be Signed in March Without US Participation – Reports

New TPP Pact May Be Signed in March Without US Participation – Reports

MOSCOW (Sputnik) – The remaining 11 countries of the Trans-Pacific Partnership (TPP) will sign their pact without the United States in March in Chile, the Kyodo News agency reported Tuesday, citing a Japanese government source.

The chief negotiators of the 11 countries have reached the agreement on the pact after their two-day meeting in Tokyo, according to the media.

The negotiators met to resolve outstanding issues, such as the inclusion of an exemption request about cultural protection from Canada, and finalizing the text to sign the Pacific Rim deal.

The TPP pact aims to remove trade barriers among its signatories. It was originally signed in 2015 by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. In January, US President Donald Trump signed an executive order on US withdrawal from the agreement.

In May, the remaining 11 countries decided to revive the major trade agreement without Washington’s participation. In November, these nations agreed to change the name of the bloc to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

During the Asia-Pacific Economic Co-operation 2017 summit in Vietnam’s Da Nang, Vietnamese Trade Minister Tran Tuan Anh said that as many as 20 provisions of the original TPP agreement might be suspended in the new agreement, which would enter into force 60 days after the date on which at least six signatories complete the procedures.

Sourse: sputniknews.com

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