The statement was made by Vietnamese Minister of Industry and Trade Tran Tuan Anh, on November 11 in Da Nang, at a press conference that he co-chaired with Japanese Minister of Economic Revitalization Toshimitsu Motegi.
Vietnamese Minister of Industry and Trade Tran Tuan Anh (L) and Japanese Minister of Economic Revitalization Toshimitsu Motegi co-chair the press conference in Da Nang. (Photo credit: Trong Hai)
As outlined, the ministers agreed to incorporate provisions of the Trans-Pacific Partnership (TPP), with exception of a limited set of provisions which will be suspended. They decided that all the TPP side letters signed among the 11 countries will be maintained in principle, unless the relevant Parties decide otherwise.
In their statement, the ministers announced 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 their inherent right to regulating, including flexibility of the Parties to set legislative and regulatory priorities. Importantly, they affirm the right of each Party to preserving, developing and implementing its cultural policies.
Moreover, the ministers confirm that the legal instrument proposed for the CPTPP allows the participants to act decisively in a timely manner to advance their shared objectives while the scope of a review may extend to proposals to amend the CPTPP. Meanwhile, the ministers also recognize that each country will need to pursue its own domestic processes, including engaging in public consultation, in advance of signature.
The agreement was reached after three days of intensive negotiation in Da Nang on the sideline of the ongoing APEC Economic Leaders’ Week 2017.
A large group of reporters at the conference, waiting for updates of the TPP negotiations in Da Nang. (Photo credit: Trong Hai)
Earlier, at a meeting in Hanoi on May 21, 2017, the ministers of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam reaffirmed the balanced outcome and the strategic and economic significance of the TPP agreement signed in Auckland on February 4, 2016, highlighting its principles and high standards as a way to promote regional economic integration and contribute to the economic growth prospects of its member countries and create new opportunities for workers, families, farmers, businesses and consumers.
In May 2017, the ministers tasked officials to engage in a process of assessing options to bring the comprehensive, high quality agreement into force expeditiously.
Nam Long