The interest shown by several countries in joining the Trans-Pacific Partnership (TPP) will only be deliberated in 2018, the earliest date the trade pact is expected to come into force, according to a Malaysian government official.
International Trade and Industry Ministry Deputy Secretary-General J. Jayasiri said the process of including these nations in the accession negotiations will only be decided after the TPP comes into force.
“The agreement could come into force by 2018 or after a minimum of six of the signatories, which made up 85 per cent of the combined gross domestic product (2013), had ratified and notified New Zealand, the legal depository and administrator of the TPPA,” he told national news agency Bernama.
ASEAN member states Indonesia, the Philippines, and Thailand, as well as South Korea and Taiwan, have indicated their interest to join the TPP.
The pact, which was signed in Auckland on February 4, is in the ratification phase with the 12 member states undergoing respective domestic process in order to bring it into force.
The trade deal, which will expand markets, reduce tariffs, and promote freer trade among the member nations, was signed by New Zealand, Australia, Chile, Mexico, Japan, Peru, Canada, Vietnam, United States, Singapore, Brunei, and Malaysia.
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