DA NANG (Sputnik) — In order to come into force, new provisions of the reformed Trans-Pacific Partnership, now called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), must be signed by at least six members of the deal, Vietnamese Trade Minister Tran Tuan Anh said on Saturday at a press conference during the APEC summit.
The talks about the possibility of reviving the free-trade deal were held on the sidelines of the Pacific Rim summit between 11 countries. According to Anh, TPP countries "have overcome the hardest part."
"It took us four months. We last met in July to outline the agreement. And it reflects the pragmatism of the parties", said Anh, referring to the two-day meeting on the future of the deal in July 2017 in Japan’s Hakone.
The deal still needs to be finalized since ministers of trade announced a preliminary deal and there are some details to work out later.
According to the Vietnamese trade minister, 20 provisions of the original TPP agreement would be suspended.
"There are also four specific items for which progress was made, but for the full consensus to be reached on those, we still need time," the minister elaborated.
"All the 11 countries are on board and this would send out a very strong positive message to the United States and other Asia-Pacific countries in the region," Motegi added.
The TPP agreement, which aims to remove trade barriers among its signatories, was originally signed in 2015 by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. In January, US President Donald Trump signed an executive order on the US withdrawal from the agreement as he believes the deal is against American national interests.