Trade ministers from the 11 remaining Trans-Pacific Partnership (TPP) countries announced last week that they are within striking distance of a plan to bring the trade agreement into force, which they will then be able to submit for signature and domestic ratification. While stopping short of confirming a final accord, ministers affirmed on Friday 10 November that they have reached consensus on its “core elements,” following months of technical work and negotiations. The process kicked off earlier this year, after the Asia-Pacific coalition agreed to find a path for bringing the deal into force after US President Donald Trump withdrew his country within days of taking office. (See Bridges Weekly, 26 January 2017 and 24 May 2017 ) The 11 remaining TPP members have also rebranded the accord as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), explaining that this version is meant to keep the original TPP’s “high standards, overall balance, and integrity… 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.” Along with releasing a joint ministerial statement , they also circulated two annexes – one which...
Theme: GLOBAL ECONOMIC GOVERNANCE
Tags: Trans-Pacific Partnership (TPP), Regional Integration, Regional Trade Agreements (RTAs), Trans-Pacific Partnership (TPP)