ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Ministers from the 11 Trans-Pacific Partnership member states discuss the trade deal in Danang, Vietnam on Nov. 9.   © Reuters
Economy

TPP ministers affirm agreement in principle but no summit

Details to be laid out Saturday at news conference, Japanese minister says

DANANG, Vietnam -- Ministers from the 11 remaining Trans-Pacific Partnership nations reaffirmed Friday that they have reached an agreement in principle on bringing into effect the trade pact, the Japanese economic and fiscal policy minister told reporters.

"We reconfirmed that there was nothing wrong with what we agreed to Thursday, including even the most minor language," Toshimitsu Motegi said after ministers from the so-called TPP 11 reconvened Friday night for talks.

Vietnamese Industry and Trade Minister Tran Tuan Anh will hold a joint news conference Saturday to announce details of the agreement, Motegi said.

The new TPP, on which the ministers had reached an agreement in principle Thursday, was briefly in danger of collapse when Canadian Prime Minster Justin Trudeau told Japanese counterpart Shinzo Abe that he felt the deal was not yet ready for an official decision. Canada's stance forced the leaders to postpone their meeting.

"Yes, Canada agreed" in the latest ministerial talks, Motegi said, "and they said that they had the agreement from the very top." He also revealed that the pact was not altered beyond what had been agreed to Thursday. "We went through it word by word, including the ministerial statement, and reached a consensus on the words, sentences and phrasing," he said.

Because of time constraints, leaders of the 11 nations will not hold a summit on the new TPP. But like the initial TPP including the U.S., the new trade pact does not necessarily need their blessing for an official agreement, requiring only that the ministers sign off.

Do you live in Asia? How do you feel about Trump visiting the region?

  • Do you believe Trump can make Asia a more secure place? Tell us why.
  • Who will be the strongest political force in East Asia in 2030 and why? (U.S., China, other?)
  • How could Asia become more self-sufficient economically, or is the U.S. an indispensable partner?
  • Do you live in Asia?

Email us your answers to: nar01@nex.nikkei.co.jp

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends June 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media