Members of the Trans-Pacific Partnership have agreed a new framework to revive the proposed trade deal, following US withdrawal earlier this year.
Meeting on the sidelines the Apec summit in Vietnam, the remaining eleven nations released a joint statement saying they were committed to free and open trade.
They have agreed to change the name from Trans-Pacific Partnership (TPP) to the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP).
What is the Trans-Pacific Partnership?
- The Trans-Pacific Partnership (TPP) is a free trade agreement designed to change trade and investment between 11 Pacific-Rim countries.
- TPP would give New Zealand better access to globally significant markets. It would diversify New Zealand’s trade and investment relationships, and provide a platform to build on the NZ$28 billion of New Zealand goods and services exported to TPP countries in 2014.
- The countries working towards an agreement are Canada, Australia, Chile, New Zealand, Brunei, Singapore, Japan, Malaysia, Mexico, Peru and Vietnam.
- However, analysts say the trade pact is less appealing to some nations without access to the huge US market.
- The bid to revive the TPP, which would have covered 40% of the global economy, was led by trade ministers from Japan, Australia and New Zealand.