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By Sheetal Sukhija | Saturday 11, 2017
Trans-Pacific trade pact proceeds ahead sans Trump
In an effort to salvage a multilateral agreement championed under the Obama administration, the 11 countries made efforts to proceed with the core elections of the trans-pacific trade pact on Saturday. On Saturday, ministers meeting in Vietnam said that they have agreed ‘core elements’ of the deal after hard lobbying by Australia and Japan. The leading Pacific Rim nations, including Japan, Australia, Mexico and Malaysia, said they had revived the Trans-Pacific Partnership (TPP) deal - even though the trade pact was abandoned by U.S. president Donald Trump in one of his first acts in office. In a joint statement, ministers meeting in Danang, Vietnam agreed on the “core elements” of what was now called the comprehensive and progressive agreement for Trans-Pacific Partnership. It said that the ministers maintained “the high standards, overall balance and integrity of the TPP while ensuring the commercial and other interests of all participants and preserving our inherent right to regulate, including the flexibility of the parties to set legislative and regulatory priorities.” Addressing reporters on Saturday, Vietnam’s trade minister, Tran Tuan Anh, said the ministers had “reached an agreement on a number of fundamental parts.”- Read more