Minister Tran Tuan Anh: "The Preliminary agreement reached on TPP"

Nov 10, 2017 | 01:24 PM GMT+7

TheLEADERThe Preliminary agreement has been attained among ministers from 11 countries joining in the negotiation of the Trans-Pacific Partnership (TPP) during their meeting on the sidelines of the 2017 APEC Economic Leaders’ Week.

Minister Tran Tuan Anh: "The Preliminary agreement reached on TPP"
TPP Ministerial Meeting held in Da Nang. Photo: Asia Nikkei

“TPP Ministerial Meeting held in Da Nang has initially consented to preliminary principles and contents of the TPP,” Vietnamese Minister of Industry and Trade Tran Tuan Anh spoke to Vietnam News Agency on November 10.

Anh said, fundamentally, all contents have been put into the final commitment package; however, there still exist some issues that need further clarification and agreement before the signing.

“These issues will be jointly discussed by heads of negotiation groups from member countries for final consent and reported to Leaders before the signing,” Anh added.

Issues considered as barriers to obstructing member countries from reaching TPP agreement include the unified and synchronous reduction of tariffs on commodities and services in accordance with the capacity of member countries, intellectual property rights related matters, and non-commercial products....

Referring the meeting of Leaders from 11 TPP countries scheduled to take place on November 10, Anh said: “The Leaders will discuss general contents regarding TPP co-operation, including the TPP Ministerial Meeting report, which features contents of the commitment package.”

The free trade agreement with a wide range of stipulations and commitments was officially signed on February 4, 2016, by ministers and heads of negotiation groups of 12 countries, namely the United States, Canada, Mexico, Peru, Chile, New Zealand, Australia and Japan, Singapore, Brunei, Malaysia and Viet Nam.

However, it requires a long procedural process with approval of legislatory organ and signatures of President of involved countries to take TPP into effect.

In the meanwhile, awaiting such a legal process, the United States later withdrew from TPP. Against this move, the remaining 11 member countries attempted to revive the agreement.