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11 TPP nations to sign new deal on March 8
TOKYO, Jan 24: Top negotiators from the 11 Trans-Pacific Partnership member economies have agreed to sign a free trade deal dubbed TPP 11 without the United States in the Chilean capital of Santiago on March 8, Japan’s Jiji Press reported.
The agreement to hold the signing ceremony came during their two-day talks that ended in Tokyo on Tuesday as the current TPP economies became confident in resolving all remaining issues including Canada’s demand for exceptional treatment of its own cultural market, informed sources said.
Japanese economic revitalisation minister Toshimitsu Motegi told a press conference after the meeting that the negotiators paved the way for creating free and fair trade rules in the Asia-Pacific region, which he called the world’s growth center.
“Japan will explain to the United States about significance of the TPP” to bring it back to the trade pact, Motegi said.
US President Donald Trump withdrew his country from the original multilateral free trade deal early last year.
The new accord among the remaining TPP members will put off implementing some of measures agreed on between the original 12 nations. If the United States returns to the TPP, these measures will enter into force.
The 11 countries already have broadly agreed to freeze 22 points including two additional ones such as the abolishment of preferential treatment of state-owned companies.
Vietnam’s request for postponing the introduction of rules to resolve labor disputes and the Canadian demand for limiting foreign investment to protect movies and other domestic cultures will not be frozen but be reflected to a certain extent in bilateral agreements between the members, informed sources said.
Japan hopes the TPP 11 will go into effect in early 2019.– Bernama
Source: http://www.themalaysiantimes.com.my/11-tpp-nations-sign-new-deal-march-8/