11 TPP states seeks new framework to implement pact
The chief negotiators of the 11 Trans-Pacific Partnership (TPP) countries have agreed to aim to put the regional free trade deal into force under a new framework, following the withdrawal of the US, according Kyodo news.
Japan's chief trade negotiator, Kazuyoshi Umemoto (left), meets the Canadian delegation Wednesday morning in Hakone, Kanagawa Prefecture, before top officials from the 11 remaining Trans-Pacific Partnership members begin talks in the hot-spring resort town (Source: Kyodo)
Hanoi (VNA)- The chief negotiators of the 11 Trans-Pacific Partnership (TPP) countrieshave agreed to aim to put the regional free trade deal into force under a newframework, following the withdrawal of the US, according Kyodo news.
"The TPP wasoriginally signed by 12 members so for the pact to come into effect with 11countries, we need a new international agreement," Japan's chiefnegotiator Kazuyoshi Umemoto said.
He added that theinvolved parties have just agreed not to lower the level of the high-standardtrade rules contained in the original treaty.
The chiefnegotiators will meet again in Australia in late August or early September toadvance their talks on the implementation of the deal before November, whentheir leaders will gather for an Asia-Pacific Economic Cooperation forum summitin Vietnam.
Following a meetingof the 11 countries' trade ministers in Hanoi in May, the negotiators have thetask of drawing up options to bring the pact into force at an early date and tofacilitate the possible return of the US.
Japan, the largesteconomy among the 11, hopes to reach an agreement to change the requirementsfor bringing the TPP into effect without revising the content of the pact.
The TPP was signedby Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand,Peru, Singapore, the US, and Vietnam, covering around 40 percent of the globaleconomy.-VNA
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.
The chief negotiators of 11 Trans-Pacific Partnership (TPP) countries plan to meet in Hakone, Japan, in mid-July to discuss the future of the free trade deal without the United States.
The chief negotiators from the 11 Trans-Pacific Partnership countries met on July 12 to discuss how to bring the regional free trade deal into effect following the withdrawal of the United States
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Japan's chief trade negotiator, Kazuyoshi Umemoto (left), meets the Canadian delegation Wednesday morning in Hakone, Kanagawa Prefecture, before top officials from the 11 remaining Trans-Pacific Partnership members begin talks in the hot-spring resort town (Source: Kyodo) 
