Japan, New Zealand to work together to revive TPP
Pacific Partnership (TPP), even after the United States ditched the free trade pact.TOKYO, May 17 — Japanese Prime Minister Shinzo Abe and his New Zealand counterpart, Bill English, today said they would work together to bring to fruition the Trans-
Ministers from Japan and New Zealand are among the remaining pact members gathering in Hanoi this weekend to find ways to revive the agreement after US President Donald Trump withdrew in favour of pursuing bilateral talks.
“As the flagbearers of free trade, we will maintain close cooperation and aim at early realisation of TPP,” Abe told a joint news conference following a summit with English.
TPP rules have to be changed so it can take effect without US participation, but Japanese Finance Minister Taro Aso last month said Tokyo would not rule out the option of negotiating such a deal.
“At this time of international uncertainty, it’s more important than ever for outward-looking trading countries like New Zealand and Japan to state their principles clearly,” said English, urging commitment to international trade and regional economic integration.
“I’m very pleased that New Zealand stands alongside Japan, taking this important regional agreement forward.”
For the TPP to take effect without the United States it would have to drop a rule requiring ratification by at least six countries accounting for 85 per cent of the combined gross domestic product of the original 12 member nations. — Reuters
Source: The Malay Mail Online