Several private meetings have taken place besides the eight official negotiating rounds. But in the end, the 11 potential TPP members agreed on the core elements of agreement.
An official press conference co-hosted by Vietnam and Japan took place on Nov 11th where the TPP was officially renamed the Comprehensive and Progressive agreement of the Trans-Pacific Partnership or CPTPP.
The Comprehensive and Progressive Agreement of the Trans-Pacific Partnership or CPTPP promises to maintain high standards, overall balance and integrity by ministers of member economies.
The CP-TPP will also ensure trade and investment and several other benefits. The agreement on core principles of the agreement has underlined Vietnam's role in promoting multilateral free trade agreements.
The Wall Street Journal believed that the agreement reached for CP-TPP is one of the biggest successes of the APEC Summit in Vietnam.
The agreement is also a big plus for economies pushing for multilateral trade in the context of rising protectionism in many parts of the world.
