Trans-Pacific Partnership Agreement (TPP) and TPP-11 after the US withdrawal, has been renamed the Comprehensive Partnership Agreement and Trans-Thailand Progress Binh Duong (CPTPP).
In the press conference announcing the TPP negotiation results on the sidelines of the APEC Leaders’ Summit on November 11, the Minister of Economic Reconstruction of Japan awarded prefer some changes of TPP-11 to become CPTPP.
Japanese economic reconstruction minister Toshimitsu Motegi explained, formerly the TPP with full 12 members, and after the US withdrawal was temporarily called TPP- 11. However, after many rounds of negotiations this year, the Ministers agreed to name the new agreement as CPTPP.
“We have discussed a lot of names. The story here is not only commercial but also investment, intellectual property, and many issues, raw Other rules, ”said Toshimitsu Motegi.
Minister of Industry and Trade Tran Tuan Anh also agreed with the Japanese Minister of Economy, and stressed further: “This is not simply the difference between 11 members and 12 members like the original. The problem is that we have achieved absolute agreement that 11 members must maintain an agreement with high standards, a comprehensive agreement in all areas, not just markets, wealth how to trade … For this reason, in the new situation, the remaining members were determined to go to the end of the road and all 11 Ministers agreed that the comprehensive and progressive name is best suited for the journey. This new one. “
In addition, according to Japan’s Minister of Economic Reconstruction, compared to 8,000 pages of TPP, CPTPP has 20 provisional provisions. “Freezing” or hanging some of the terms of the agreement is the easiest way for countries to do so at this time to continue to deploy.
In addition, according to the initial TPP rules, the GDP ratio of the implementing countries must reach 85% of the total GDP of the 12 countries (signed in 2013), then the agreement valid. With the US accounting for 60% of GDP, the TPP will at least need to change the effective terms to start. Therefore, this provision of CPTPP has been changed. Accordingly, as long as at least 6 member countries sign the ratification, 60 days later, the agreement will take effect.