'APEC' countries unanimous over implementation of ‘Trans-Pacific Partnership’ agreement

Hanoi: The 11 member countries of the ‘APEC’ reached an agreement on the revival of the Trans-Pacific Partnership without the US by stating that all alternatives would be examined for the immediate implementation of the Trans-Pacific Partnership. They also said that they would take proper cognisance of various aspects like trade protectionism, open markets, global trade system based on regulations, increasing global trade and the standard of living. The member nations have also suggested that the alternatives for the implementation of the ‘TPP’ would be considered in the conference to be held in Japan in the month of July.

On the grounds of the ongoing ‘Asia-Pacific Economic Cooperation’ (APEC) being held in Vietnam‘s Hanoi, a special conference of the member nations of the ‘TPP’ was conducted. The revival of the ‘Trans-Pacific Partnership’ agreement was the main subject on the agenda. After the United States decided to pull out of the ‘TPP’, the remenant 11 countries formed the ‘TPP-11’ group. The Trade Minister of the member countries of this group was present for the meeting in Hanoi.

The United States had officially declared to pull out of the ‘TPP’ agreement in January this year. Japan who had suggested in the initial period that the ‘TPP’ agreement would be meaningless without the US, has now begun to take the lead for the agreement. Countries like Australia, New Zealand and Vietnam have endorsed Japan’s initiative. Due to these efforts, the undertaking to revive the ‘TPP’ without the United States appears to be gaining success.

New Zealand while strongly voicing its support for the ‘TPP’ said that agreement was never considered to be dead and even though one country decided to pull out of the agreement, the agreement remains significant for creating equal regulations for trade in the Asia-Pacific Region. The Foreign Affairs Minister of Chile, Paulina Aranda assured that the strategy was to continue the ‘TPP’ agreement with the existing terms and to not re-negotiate them all over again. This point was also corroborated by Australia and Japan.

Australia‘s Trade Minister, Steve Ciobo assured that all the members countries have agreed that the ‘TPP’ agreement would yield mutual benefits. The consensus reached in the conference held in Hanoi may come as shocking to China. By proposing a ‘Regional Comprehensive Economic Partnership’ for the countries of the Asia-Pacific, China had commenced its attempts to increase its superiority. However, the unanimity over the implementation of the ‘TPP’ agreement could mean the disposal of China’s efforts.

The new ‘Trans-Pacific Partnership’ agreement includes Japan, Australia, Canada, Mexico, Chile, Peru, New Zealand, Malaysia, Singapore, Brunei and Vietnam.