The parties to the TPP agreement are the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, which together account for 40 percent of international trade.
"Overall, the creation of new free trade zones will help to create good conditions for liberalizing trade and investment flows in the region. At the same time however, the confidential fashion in which the Trans-Pacific Partnership (TPP) negotiations were conducted is probably not the best way to facilitate sustainable growth in the Asia-Pacific region," the president said in an address to the Asia-Pacific Economic Cooperation (APEC) summit that will take place on November 18-19 in Manila.
According to him, the ideal strategy consists not only in increasing the number of free trade zones, but also in joint development and implementation of the best liberalization practices among all APEC members, taking into account each other’s interests.
"In this respect, we should continue our course of bolstering APEC’s role as a coordinator of various integration initiatives aimed at developing in the region a common and open market, free of discrimination and bloc-based barriers. Here, effective implementation of the Beijing roadmap for APEC’s contribution to establishing an Asia-Pacific free trade zone, approved in Beijing in 2014, is particularly important," Putin stressed.
"Russia supports APEC’s efforts to establish good conditions for investing in the regional energy transport system, develop integrated energy markets, increase the share of eco-friendly and renewable energy sources, and ensure access to low-carbon technologies," the president noted.
On October 5, the 12 countries of the Pacific Rim region reached an agreement on the wording and subject matter of the TPP accord, intended to deregulate trade among the signatories and cover 40 percent of the world economy.
Putin also said that Russia hopes to reach reciprocally advantageous agreements on energy and agriculture projects during a Russia-ASEAN summit to be held in Black Sea resort of Sochi in 2016, Russian President Vladimir.
"We hope to reach mutually advantageous agreements on traditional and renewable energy sources, emergency and disaster response, food security and agriculture at the Russia-ASEAN summit next year in Sochi," the president said.
