The speaker: the creation of new associations should be a response to the challenge of TTP

The speaker: the creation of new associations should be a response to the challenge of TTP


It is necessary to create preferential and non-preferential trade associations, believes the head of the Ministry of economic development Alexei Ulyukayev. He cited the example of the creation of the free trade zone of Russia and Vietnam.

MOSCOW, 21 Oct. The answer to the challenge of TRANS-Pacific partnership (TPP) should be the establishment of preferential and non-preferential trade associations, believes the head of the Ministry of economic development Alexei Ulyukayev.

“The appropriate response here to this challenge TRANS-Pacific partnership and new forms of trade agreements — what’s the answer? It is the creation of preferential and non-preferential trade associations. A good example is the free trade zone with Vietnam,” said Ulyukayev, speaking on Wednesday at a plenary session of the conference “Russian non-commodity exports”.

The TPP agreement was reached on 5 October. It will created a free trade area in the Asia-Pacific region. The Pacific countries account for over 40% of the world economy and a third of world trade. The parties to the agreement — the U.S., Canada, Mexico in North America, Peru and Chile to the South, Japan, Malaysia, Brunei, Singapore and Vietnam in Asia as well as Australia and New Zealand.