Sharechat Logo

Colombia seeks to join CPTPP Pacific Rim trade pact

Friday 8th June 2018

Text too small?

Colombia is the latest country to seek admission to the trans-Pacific trade pact, the CPTPP, which US President Donald Trump tried to kill off.

Trade Minister David Parker announced today that Colombia had notified the New Zealand-based secretariat for the Comprehensive and Progressive Trans-Pacific Partnership of its desire to become a member, along with adjoining Pacific rim countries Peru and Chile. Mexico, to the north is also a member, as are Canada, Australia, Japan, Singapore, Malaysia, Brunei, and Viet Nam.

The US had sponsored the pact under previous president Barack Obama but one of Trump's first acts after inauguration was to repudiate the deal.

Japan led efforts to revive the pact, and after a false start at the APEC Leaders Summit in Da Nang last November, saw negotiations to a conclusion in January.

Two-way trade in goods with oil-endowed Colombia is limited at present to roughly equal flows totalling $45 million, but the Spanish-speaking country of some 50 million people has been identified as a source of international students, has grown strongly in recent years and is fast shrugging off its previous reputation for ruthless criminal drug cartels in favour of becoming a tourist hotspot.

Parker announced the Colombian request in the context of the 2018 Nikkei International Future of Asia Forum in Japan, this weekend, where Parker says he will advocate "the importance of defending and promoting a trading system based on rules, and the importance of regional agreements like CPTPP being open to those willing to join'".

“Colombia is the first to formally notify New Zealand, as depositary, of its interest in joining once CPTPP enters into force."

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Government outlines planned hikes in minimum wage
Chorus could lift its dividend post-UFB rollout but risks remain
T&G Global profit dented by cheaper tomatoes, small grape harvest
NZ posts widest current account deficit since 2009, in line with expectations
Heartland says new bank capital rules won't hurt as much as the market thinks
ISS supports Vital Healthcare's rebel investors
December 19th Morning Report
RBNZ's bank capital proposals are 'radical', says rating agency Fitch
Cheaper petrol, low mortgage rates bolster consumer confidence in run-up to Xmas
NZ dollar holds gains as investors await Fed review

IRG See IRG research reports