AFP, Tokyo :
Asian members of the newly-minted Trans-Pacific Partnership Tuesday hailed the deal to create the world’s largest free trade area, with Japan calling it the start of a “new century” for the region.
Delegates from 12 Pacific Rim nations finally managed to hammer out an agreement in Atlanta, Georgia on Monday — five years after the US-led talks first began. Spanning about two-fifths of the global economy, the hard-won deal aims to set the rules for 21st century trade and investment and press non-member China to shape its behaviour in commerce, investment and business regulation to TPP standards.
Under the deal 98 percent of tariffs will be eliminated on everything from beef, dairy products, wine, sugar, rice, horticulture and seafood through to manufactured products, resources and energy.
Those involved are the US, Canada, Japan, Australia, Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Asian members were quick to follow President Barack Obama in declaring the agreement a win, even if most nations were forced to compromise on key issues and exact details of the deal remain scant.
“It’s the opening of a new century for the Asia-Pacific region,” Japanese Prime Minister Shinzo Abe told reporters, hailing the emergence of a “huge economic zone”.
Australian Prime Minister Malcolm Turnbull described the agreement as “a gigantic foundation stone for our future prosperity”.
His New Zealand counterpart John Key said it was the culmination of two decades of work and would offer “more jobs, higher incomes and a better standard of living”. Malaysia also hailed the deal, saying it had managed to avoid restrictions on its politically sensitive system of favouring the ethnic Malay majority economically. China, which is not party to the talks, gave the agreement a cautious welcome, with the Ministry of Commerce describing TPP as “one of the key free trade agreements for the Asia-Pacific region”.
Asian members of the newly-minted Trans-Pacific Partnership Tuesday hailed the deal to create the world’s largest free trade area, with Japan calling it the start of a “new century” for the region.
Delegates from 12 Pacific Rim nations finally managed to hammer out an agreement in Atlanta, Georgia on Monday — five years after the US-led talks first began. Spanning about two-fifths of the global economy, the hard-won deal aims to set the rules for 21st century trade and investment and press non-member China to shape its behaviour in commerce, investment and business regulation to TPP standards.
Under the deal 98 percent of tariffs will be eliminated on everything from beef, dairy products, wine, sugar, rice, horticulture and seafood through to manufactured products, resources and energy.
Those involved are the US, Canada, Japan, Australia, Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Asian members were quick to follow President Barack Obama in declaring the agreement a win, even if most nations were forced to compromise on key issues and exact details of the deal remain scant.
“It’s the opening of a new century for the Asia-Pacific region,” Japanese Prime Minister Shinzo Abe told reporters, hailing the emergence of a “huge economic zone”.
Australian Prime Minister Malcolm Turnbull described the agreement as “a gigantic foundation stone for our future prosperity”.
His New Zealand counterpart John Key said it was the culmination of two decades of work and would offer “more jobs, higher incomes and a better standard of living”. Malaysia also hailed the deal, saying it had managed to avoid restrictions on its politically sensitive system of favouring the ethnic Malay majority economically. China, which is not party to the talks, gave the agreement a cautious welcome, with the Ministry of Commerce describing TPP as “one of the key free trade agreements for the Asia-Pacific region”.
