Vietnam says fundamental deal reached on trade

Vietnam says fundamental deal reached on trade

Vietnam says fundamental deal reached on trade

While the TPP-11 accord was not endorsed by the top leadership of the countries as expected, the ministers said the new name reflects a focus on inclusive growth, the ministers said after a two-day meeting in the central city of Da Nang.

Japanese Prime Minister Shinzo Abe said earlier Friday that the 11 leaders had to postpone their meeting on the sidelines of the annual summit of the Asia-Pacific Economic Cooperation forum in Danang, Vietnam.

Indeed, the official said Japan and Australia tried to railroad Canada into committing to an agreement in principle Friday by arguing the other TPP members would be disappointed if they didn't deliver, the official said. "The 11 countries led by Japan, we are trying to come up with our new version", Najib said.

Speaking to reporters on Saturday, Trudeau said though Canada was pleased with the progress made on TPP, there was "still more important work to be done".

Last night, the future of TPP had been thrown into doubt after Canada's sudden refusal to attend the final leaders' meeting in Danang, Vietnam, which was then cancelled.

Trump said he would not enter into large trade agreements, alluding to US involvement in the North American Free Trade Agreement and the TPP.

However, there is more work to be done before a final agreement in principle is ironed out as 11 Pacific nations seek to salvage a trade deal, which almost sank after President Donald Trump bailed the United States out of the original 12-nation accord, covering 40 per cent of the world's economy.

The Trans Pacific Partnership (TPP) talks took a freaky twist Friday when it was announced that the 11 countries had reached an agreement. "Our continued involvement in the CPTPP is a testament of Malaysia's commitment to globalisation and multilateralism", Mustapa said.

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The agreement, which still needs to be finalised, would now be called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he said.

Canada, which has the second-biggest economy among remaining TPP countries after Japan, had said it wanted to ensure an agreement that would protect jobs. Canada's trade minister later blamed Trudeau's absence on "a misunderstanding about the schedule". Why not take a few months to draft a better agreement that removes all of the restrictive and damaging clauses included in the original TPP at the behest of the United States?

Zhang said the Beijing-backed Regional Comprehensive Economic Partnership (RCEP) trade pact will not be impacted by TPP, to which China is not party.

She was also set to meet him at an Apec dinner later on Friday, and on Saturday in Vietnam.

"It's hard to say what position Canada will take from here". It's unclear what the exact sticking points were, but officials have alluded to differences over the unequal impact more open trade has had on workers and concerns over automation in manufacturing that could leave many millions in a wide array of industries with no work to do.

Mr Trump and the other 20 leaders of the APEC economies will on Saturday retreat into the Summit for private talks.

On Sunday, Trudeau will attend the ASEAN summit of 10 Southeast Asian leaders in Manila, hosted by President Rodgrigo Duterte, who has faced harsh global criticism for his human rights record.

"We're in an easier place to try things out, to test policy sensitivities even if we don't get everybody around the table", Bollard said.

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