MOSCOW, 4 February. The creation of the TRANS-Pacific partnership (TPP) will have serious pressure on Russia’s trade relations with the countries of the new regional Association. This was announced on Thursday by the Deputy Minister of economic development of Russia Stanislav Voskresensky on air of TV channel “Russia 24”.
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The agreement to establish the TRANS-Pacific partnership signed in Auckland
“The impact of this agreement on the Russian economy and trade is within the error of 0.01%. Moreover, it is important to understand that the share of countries entering into this agreement, not more than 10% of our trade,” he said.
“However, if we talk about future prospects, then, of course, companies in many countries have to adapt to the new rules, especially when it comes to trade in non-primary goods,” – said Voskresensky.
Trade Ministers from 12 countries signed on Thursday in Auckland the Agreement to establish a new regional economic blocs – the TRANS-Pacific partnership. Signatures under the document were put by heads of intergov Australia, Brunei, Vietnam, Canada, Malaysia, Mexico, New Zealand, Peru, USA, Singapore, Chile and Japan.
ABOUT TTP
TPP is a trade Pact, involving the complete abolition of customs duties on goods and services in the Asia – Pacific region (APR). The TTP agreement will enter into force after it is ratified by all participating countries. It is expected that it will take about two years.
The negotiations to establish TPP began in 2008, and an agreement in principle to form a trading block that was reached in October last year at the meeting of heads of mentougou in the U.S. city of Atlanta (GA). The share of the countries in TPP account for nearly 40% of global GDP and over a quarter of world trade turnover. Competence agreement covers not only trade, but also on other aspects of economic activity of the participating countries.
