Ministers of 11 TPP member countries to meet in Hanoi

Ministers from 11 countries joining the TPP are scheduled to gather in Hanoi on May 21, with Japan pushing for the free trade pact to be put into force as soon as possible without the US.

Illustrative image (Source: VNA)

Hanoi (VNA) – Ministers from 11 countries joining the Trans-PacificPartnership (TPP) are scheduled to gather in Hanoi on May 21, with Japan pushingfor the free trade pact to be put into force as soon as possible without the US.

During the meeting, to be co-chairedby Vietnam and New Zealand, the ministers willdiscuss the creation of new rules that would enable Washington to easily returnto the deal if circumstances were to change.

So far, only Japanand New Zealand have ratified the pact. Some countries that hoped to boostexports to the United States may be reluctant to implement just the 11-partyTPP, arguing that without the world’s largest economy, the agreement wouldlittle benefit their economies.

Canada and Mexico have been unwilling toirritate US President Donald Trump by joining the TPP, as they stare down apossible renegotiation of the North American Free Trade Agreement withWashington in the near future.

The TPP was signed by the 12 nations, includingAustralia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru,Singapore and Vietnam.

Under current rules,the TPP requires ratification by nations accounting for 85 percent of thecombined gross domestic product of the 12 countries. The deal was thereforeeffectively dead following the withdrawal of the United States, as the country representsover 60 percent of the trade bloc’s GDP.-VNA

VNA