Asia-Pacific metals industry welcomes TPP deal

Metal processing and mining industries in the Asia-Pacific region have welcomed the conclusion of negotiations for a Trans-Pacific Partnership (TPP) agreement that will reduce barriers to trade between 12 countries.

The USA, Canada, Australia, Japan, Mexico, New Zealand, Singapore, Malaysia, Vietnam, Peru, Chile and Brunei have signed the deal, which goes far beyond the usual tariff-reduction goals of traditional trade deals. Additional measures include greater transparency and liberalisation in foreign investment rules, including provision for neutral and transparent international arbitration of investment disputes. There are also commitments on trade facilitation, with TPP countries agreeing to publish their customs laws and regulations, and release goods without unnecessary delays where officials take too long to assess duties or fees. They have also agreed to consult openly on proposals for technical regulations that must be followed by importers, exporters and local producers. TPP countries have also agreed to open immigration procedures for temporary business visitors. Finally, there was agreement to ensure that state-owned enterprises and monopolies – particularly prominent in TPP emerging market countries – do not discriminate against businesses, goods and services...

Published

INS - Keith Nuthall

INS - Mandy Kovacs

October 08, 2015

15:30 GMT

London