TPP Members Agree to Start Preparations for Future Expansion
Tokyo, July 18 (Jiji Press)--Chief negotiators from the 11 member countries of the Trans-Pacific Partnership free trade pact agreed Wednesday to start preparations to accept new members after the pact takes effect.
The accord came on the first day of their two-day meeting in the hot spring resort of Hakone, Kanagawa Prefecture, south of Tokyo.
The negotiators confirmed that any new members would have to accept the pact's trade and investment rules while being allowed to negotiate on tariffs.
The 11-member TPP pact will take effect 60 days after at least six of the 11 members finish related domestic procedures. This may happen in early 2019.
The deal was signed in March this year after the United States withdrew from the earlier version of the TPP just after the inauguration of President Donald Trump in January 2017.
[Copyright The Jiji Press, Ltd.]