Trade ministers from 12 Pacific Rim countries reached an agreement in principle after a marathon, five-day series of negotiations in Atlanta, US on Monday. Trần Quốc Khánh, Deputy Minister of Trade and Industry confirmed that talks had ended.
After 6 days of continuous negotiations, 12 members settled the three major issues which had blocked the talks. They were the removal of tariffs for car-parts imported into the US and Canada; the US will now be compelled to open its doors for dairy products from New Zealand; and the length of time patents for new biologic drugs. The TPP negotiators include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
The TPP represents about 40% of the global gross domestic product and a population of 800 million people. The deal must be officially signed by the participants and be approved by the legislature of each nation before taking effect.
Started out as P-4 by Chile, New Zealand, Singapore and Mexico, the TPP was joined by the US in September 2008 and Vietnam by early 2009.
