TPP talks reach critical point at Asia-Pacific summit

TPP talks reach critical point at Asia-Pacific summit

TPP talks reach critical point at Asia-Pacific summit

Canadian Prime Minister Justin Trudeau has arrived in Hanoi on Wednesday morning for his first official visit to Vietnam, which will include a trip to Ho Chi Minh City before the Asia Pacific Economic Cooperation (APEC) Summit in Da Nang.

Ministers of the 11 signatories remaining in the TPP reached an agreement in principle Thursday to go ahead with the implementation of the free trade deal without the US. However, Francois-Philippe Champagne, Canada's trade minister, turned to social media to declare that an agreement had yet to be concluded.

The official said the countries should take more time to get the whole deal right - and to raise the bar.

Motegi said negotiators had tried to reach a conclusion satisfactory to all, "or put in a different way, a conclusion that makes everybody equally unhappy".

Pacific nations are scrambling to agree on how to salvage a blockbuster trade pact after days of talks in Vietnam, with Australia confident of an outcome but Canada warning it wants a good deal over a fast one.

The pact, which would have covered 40% of the global economy, was thrown into disarray when Donald Trump withdrew the one of his first acts as president, leaving the remaining 11 countries scrambling to keep the deal alive.

TPP talks began in 2010 with just eight nations - Australia, Brunei, Chile, New Zealand, Peru, Singapore, Vietnam and the U.S. Four others - Japan, Malaysia, Canada and Mexico - asked to join later.

Trudeau then added, in French: "I can assure people that we will not be rushed into signing a deal at all costs".

Trudeau met Vietnamese President Tran Dai Quang, Prime Minister Nguyen Xuan Phuc and civil society leaders, with whom he discussed issues like human rights, gender equality and freedom of expression.

He said Japan, as co-chair of TPP meetings taking place alongside the APEC summit, hopes to achieve a "basic agreement".

The author also narrated opinion of Dan Ciuriak, a former deputy chief economist for what is now known as Global Affairs Canada, as he believes an updated TPP pact is closer to fruition than Canada's potential deals with ASEAN or China.

Ardern said she could not give a clear indication of Canada's final position because they were not at the table to explain it.

The host suggested that Canada recognise Vietnam as a market economy soon, further open its market further to Vietnamese goods and provide more support for the Vietnamese community.

Vietnam, projected to see economic growth this year of 6.3 per cent, features a sturdy consumer base, an emerging business class and an expanding footprint in supply chains.

Discussions would not continue without Canada, she said.

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