Japanese and Vietnamese officials said on Saturday, November 11, that member countries of the Trans-Pacific Partnership (TPP) have agreed to continue the treaty's work without the presence of the United States. According to Reuters, the eleven members of the TPP met on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Da Nang, Vietnam, and agreed on the necessity of continuing their cooperation. Donald Trump, the President of the United States, issued an order for the U.S. withdrawal from the TPP at the beginning of his term last year, fulfilling one of his campaign promises. Following this action, ambiguities regarding the continuation of the treaty arose. Vietnam's Minister of Trade, Tran Tuan Anh, stated: 'We have overcome the toughest problem.' He added that this agreement should be finalized, but we refer to it as a 'comprehensive and progressive agreement' for the TPP. Japan's Minister of Economy, Toshimitsu Motegi, also expressed hope that the agreement to continue cooperation within the TPP framework would lead to the U.S. rejoining the treaty. Reuters notes that part of the TPP's objectives is to counter China's growing economic dominance, and Japan has made significant efforts to sustain this treaty. The agreement includes eleven countries whose trade last year amounted to approximately $356 billion. The Japanese Minister of Economy stated that to gain approval and continue the work of this treaty, 20 articles from the original agreement will be suspended. He added that the approval of this agreement requires the consent of six out of the eleven member countries. Canada, one of the main members of this treaty, had previously stated that it wants to ensure that this agreement will not harm employment. This treaty was finally signed in 2015 after five years of negotiations between the Obama administration and 12 countries in the Pacific region.
Agreement Among Trans-Pacific Trade Pact Members to Continue Work Without the U.S.
The member countries of the Trans-Pacific Partnership have agreed to continue the treaty without the U.S. after Trump's withdrawal. This decision is significant as it aims to counter China's economic influence and involves major economies in the Asia-Pacific region.
👥 Key Players
📰 What Happened
TPP member countries, led by Japan and Vietnam, agreed to continue their trade pact without the U.S. after Trump's withdrawal. This decision aims to maintain economic cooperation and counter China's influence.
- The TPP now includes eleven countries with a combined trade of approximately $356 billion.
- Twenty articles from the original agreement will be suspended to facilitate the continuation of the treaty.
💡 Why It Matters
📚 Background
The Trans-Pacific Partnership was initially designed to enhance trade and economic integration among Pacific Rim countries, aiming to counter China's growing influence in the region.
🏷️ Entities Mentioned
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