Pakistan is all set to negotiate with Trans-Pacific Partnership (TPP) regarding its membership in the second round of TPP to be held next month in the United States of America, Business Recorder has learnt. According to sources, Pakistan would attend the forthcoming round of TPP in June 2010. The first round of negotiations was held in Australia in March 2010, they added.
Earlier, they said, the cabinet had also allowed ministry of commerce to join negotiations in order to get TPP's membership. All necessary arrangements had also been made by the government to fully negotiate in the up coming round, sources said adding that Trade Development Authority of Pakistan has also submitted its proposals/suggestions to the ministry of commerce regarding TPP.
As original signatory members of TPP intend to expand their membership, countries like USA, Australia, Peru and Vietnam have expressed their intention to join the TPP. Pakistan has also shown its interest in this regard. According to sources, Pakistan, who had been striving for bilateral Free Trade Agreements (FTAs) with countries like USA, Australia and New Zealand, has found the TPP forum as an alternate way to have FTA like agreement with these countries.
If all goes well during rounds of talks, they said, TPP would provide the country an opportunity to pursue market access initiatives with other trading partners and leverage it as a platform to integrate Pak economy in the Asia Pacific Region. Sources said that since the nations involved in the TPP talks are home to 470 million people and have a combined GDP of US $16.2 trillion, the forum could make headway towards achieving the long-term goal of a free trade area for the Asia-Pacific region.
The outcome of the first sitting of TPP held in Melbourne during 15-19 March proved to be a productive round as it got the negotiations to a strong start, the sources said. In the first round of talks the negotiators, also from Australia, New Zealand, USA, Singapore, Chile, Brunei, and Peru had focused their discussions on obstacles in services, e-trade and green technology. TPP talks are expected to have four rounds of negotiation in 2010.
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