You are using an older browser version. Please use a supported version for the best MSN experience.

TPP ministers seek to move forward

NZ Newswire logoNZ Newswire 21/05/2017

A meeting of trade ministers in Vietnam agreed to launch a process to see the Trans-Pacific Partnership (TPP) through.

US President Donald Trump has withdrawn the US from the TPP, leaving the 11 countries left wondering what to do next.

At a meeting this weekend on the margins of an APEC meeting ministers and vice ministers from Australia, Brunei Darussalam, Canada, Chile, Japan, Mexico, New Zealand, Malaysia, Peru, Singapore and Vietnam met to discuss the issue.

They agreed on the value of realising the TPP's benefits, says New Zealand's Trade Minister Todd McClay.

He says they agreed to launch a process to assess options to bring the agreement into force expeditiously, including how to facilitate membership for the original signatories.

Ministers asked officials for an assessment to be completed before they meet in the margins of the APEC economic leaders meeting in Da Nang, Vietnam in November.

The ministers also underlined their vision for the TPP to expand to include other economies.

Twelve countries that border the Pacific Ocean signed up to the TPP in 2016, representing roughly 40 per cent of the world's economic output.

The pact aimed to cut tariffs and foster trade but all 12 nations needed to ratify it before it could come into effect.

image beaconimage beaconimage beacon