Signatory countries to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, decided at a ministerial meeting Friday to launch membership talks with Indonesia, the Philippines, the United Arab Emirates and Uruguay.

The 12 signatories, including Japan, also agreed at the meeting in Melbourne, southeastern Australia, to conclude by the end of December the year-long negotiations with Costa Rica on the Central American nation's accession.

To become a member, an economy must meet the pact's high standards such as tariff elimination, abide by trade-related laws and regulations and obtain existing members' unanimous approval.

The CPTPP ministers, in the meantime, refrained from giving the go-ahead for talks with China, Ecuador, Taiwan and Ukraine on their applications.

Emphasizing the partnership's significance in promoting transparent, predictable trade, Australian trade minister Don Farrell, the chair of the meeting, expressed willingness to increase market access through measures including expanding its framework.

Source: Tuoi Tre News

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