TPP Ministers reach deal to proceed with trade pact

DA NANG: Trade ministers from Trans-Pacific Partnership (TPP) member states have reached a deal to proceed with the ambitious trade pact, which is now to be known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The ministers have agreed on the core elements of the CPTPP and officials have worked to reach a balanced outcome that maintains the significant benefits of the TPP, the TPP trade ministers said in a joint statement here today.
The CPTPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The ministers have also agreed to the seven new articles of the CPTPP, among others, on Entry into Force, Withdrawal and Accession, which incorporate provisions of the original TPP, with the exception of a limited set of provisions which will be suspended.
The new text also incorporates a list of four specific items for which substantial progress was made but consensus must be achieved prior to signing.
The items are State Owned Enterprises, Services & Investment Non-Conforming Measures, Dispute Settlement, and Cultural Exception.
"Ministers agree that the CPTPP maintains the high standards, overall balance, and integrity of the TPP while ensuring the commercial and other interests of all participants and preserving our inherent right to regulate, including the flexibility of the parties to set legislative and regulatory priorities," they said.
They also affirm the right of each country to preserve, develop and implement its cultural policies.
"We recognise that each country will need to pursue its own domestic processes, including for public consultation, in advance of signature," said the TPP trade ministers.
Furthermore, the ministers decided that all the TPP side letters signed among the 11 countries will be maintained in principle unless the relevant parties decide otherwise.
The statement also said that the ministers tasked officials to continue their technical work, including continuing their efforts towards finalising those items for which consensus has not yet been achieved, and legal verification of the English text and translation, to prepare finalised text for signature.
Meanwhile, Malaysia's chief negotiator Datuk Seri J.Jayasiri said that Malaysia was able to get most of the suspensions it requested, especially in the pharmaceutical and copyright matters.
He said with the CPTPP, agreement could take effect after ratification by six of the 11 members, compared with by at least six members representing 80% of total GDP before. — Bernama