COMMENT The 12 leaders of the Trans-Pacific Partnership Agreement (TPPA) countries met in Lima on Nov 19 to review developments and update on their respective domestic processes towards ratification.
All the TPPA countries, except for the US, are in various stages of obtaining their domestic legislative approvals. New Zealand has completed its parliamentary process. Japan’s Lower House has approved the TPPA which is now in the Upper House of the Japanese parliament.
All the leaders reaffirmed their commitment towards the TPPA because of the benefits it brings to their respective economies, as well as to the Asia -Pacific region, in boosting trade and investment and creating jobs and at the same time pursuing good environmental and labour standards. They were also convinced of the role of the TPPA in further enhancing the internationalisation of small and medium sized enterprises.
The TPPA also creates the enabling environment for the future growth of e-commerce in the region. In Peru, TPPA leaders also acknowledged that the TPPA is a balanced and high quality agreement that should not be abandoned.
However, in view of the uncertainty over US participation in the TPPA, the other countries including Malaysia agreed to wait for greater clarity from the new US administration before considering any future options.