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."


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

NZ dollar trades near 2019 low on Aussie rate outlook, China worries
Short window left to lock in good interest rates on term deposits
MediaWorks breakeven stymied by radio
Loan-to-value restrictions effective but have some drawbacks - RBNZ
Yili deal a timely cash injection for Westland farmers - ANZ
AFT interested in medicinal cannabis but says it's not commercially viable yet
Serko chalks up another year of 28% sales growth, profit dips on acquisition adjustment
NZ first-quarter retail sales grow 0.7%, slightly better than expected
SkyCity poised to enter online gaming space
AFT narrows net loss, turns cash flow positive

IRG See IRG research reports