With 11 members, the Trans-Pacific Partnership reaches a deal and is expected to be signed in the first half of 2018
With 11 country members, the TPP goes ahead – Photo: Peter Meecham/HANDOUT
The reactivation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP), formerly known as TPP, forges ahead and is expected to be signed during the first half of 2018, according to Mexican Deputy Minister of Foreign Trade, Juan Carlos Baker.
After the U.S. pulled out from the negotiations last year and Canada's refusal to sign it in November 2017, uncertainty was cast on the future of this trade agreement; nevertheless, the eleven Pacific Rim member countries finally reached a deal last Tuesday in Tokyo and all that remains before the official execution is the review of internal procedures and the translation of the text.
Once all countries have concluded their internal proceedings, the trade agreement will be officially executed and enter into full force and effect with the signature of 6 out of the 11 member countries, explained Baker.
“I think this time the process will be faster, as we had the TPP to build from,” added Baker, who said the original agreement had to undergo certain modifications but that the four pending issues which stalled its closure have finally been resolved.
Australia, Brunei, Canada, Chile, Japan, Peru, Malaysia, Mexico, New Zealand, Vietnam, and Singapore – the member countries – also agreed to keep in the agreement the issues negotiated with the U.S.