CPTPP members vow to deepen co-ops in digital, green economy

SINGAPORE, Oct. 9 (Xinhua) -- Ministers and senior officials of members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have vowed to continue to explore new areas of cooperation in the digital and green economy as an approach to advance CPTPP.

The commitment was unveiled in a joint ministerial statement released after the Sixth Commission Meeting of CPTPP chaired by Singapore on Saturday. Officials from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam joined the meeting.

According to the joint statement, a set of non-binding Guidelines for Mutual Recognition Agreements (MRA) or Arrangements for Professional Services have been adopted, which is expected to increase transparency and consistency of MRAs negotiated by CPTPP members and contribute to a more business-friendly environment for trade in professional services.

The members also discussed new and emerging areas of cooperation in the digital economy and green economy, acknowledging that these areas present opportunities for deeper collaboration among members to enhance trade and investment.

Amid rising inflationary pressures and an uncertain global environment, the members are committed to leveraging their strong partnership within the CPTPP and exploring concrete ways to foster an enabling environment for trade and investment flows, said the statement.

The members reaffirmed strong commitment to uphold and support the rules-based multilateral trading system, with the WTO at its core.

"Concomitantly, we remain resolute in our continued commitment to facilitate the flow of essential goods and services in a manner consistent with and supportive of international trade rules," the statement said.

Singaporean Minister for Trade and Industry Gan Kim Yong said after the meeting that the participants had fruitful exchanges on a broad range of important issues. "We took stock of the steady progress that has been made over the past year in implementing the Agreement, as well as in reviewing its impact on trade and supply chains."

He said that the members will continue efforts to address subsequent applications in accordance with the CPTPP Accession Process, in support of the agreement's expansion to economies that are committed to its objectives, and are able to adhere to its high standards.