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Business

The Latest: Vietnam says fundamental deal reached on trade

The Vietnamese trade minister says 11 Pacific Rim countries have reached a "fundamental agreement" on continuing with a free trade pact after the U.S. abandoned it. Trade Minister Tran Tuan Anh told a news conference that the ministers changed the name of the Trans-Pacific Partnership to the Comprehensive and Progressive Trans-Pacific Partnership. The 11 counties remaining in the pact rejected by President Donald Trump have been working to revise the deal to allow them to proceed without U.S.

Canada's Prime Minister Justin Trudeau and Chile's President Michelle Bachelet attend the APEC-ASEAN dialogue, on the sidelines of the APEC summit, in Danang, Vietnam, Friday, Nov. 10, 2017. (Jorge Silva/Pool Photo via AP), Canada's Prime Minister Justin Trudeau and Chile's President Michelle Bachelet attend the APEC-ASEAN dialogue, on the sidelines of the APEC summit, in Danang, Vietnam, Friday, Nov. 10, 2017. (Jorge Silva/Pool Photo via AP)
2 weeks ago

DANANG, Vietnam (AP) — The Latest on the summit of 21 Pacific Rim economies in Vietnam (all times local):

11:20 a.m.

The Vietnamese trade minister says 11 Pacific Rim countries have reached a “fundamental agreement” on continuing with a free trade pact after the U.S. abandoned it.

Trade Minister Tran Tuan Anh told a news conference: “We have reached an agreement on a number of fundamental parts.” He also says the ministers changed the name of the Trans-Pacific Partnership to the Comprehensive and Progressive Trans-Pacific Partnership.

The 11 counties remaining in the trade pact rejected by President Donald Trump in January have been working to revise the deal to allow them to proceed without U.S. involvement.

But a basic deal was delayed by unspecified disagreements raised by Canada and possibly other countries that were worked out in talks that extended late into the night Friday.

Tran Tuan Anh says the trade ministers were able to suspend certain clauses to enable them to carry out the framework agreement while maintaining high standards on labor and other issues.

___

10:30 a.m.

Trade ministers chairing meetings on the free-trade Trans-Pacific Partnership in Danang, Vietnam, will hold a news conference at 11 a.m. local time (0400 GMT).

Japan and Vietnam have been chairing the talks on the sidelines of the Asia-Pacific Economic Cooperation forum’s annual summit.

Canada’s Minister of International Commerce Francois-P Champagne said in a tweet Saturday: “After lots of work, big progress on the ‘Comprehensive and Progressive Trans-Pacific Partnership.'”

The 11 counties remaining in the trade pact rejected by President Donald Trump have been working to revise the deal to allow them to proceed without U.S. involvement.

But a basic deal was delayed by unspecified disagreements raised by Canada and possibly other countries that were worked out in talks that extended late into the night Friday.

___

9:20 a.m.

Leaders from 11 Pacific Rim countries look unlikely to formally endorse a deal to proceed with the free-trade Trans-Pacific Partnership despite overnight progress in bridging differences on some issues.

A statement issued in the early hours Saturday said an accord was reached on “core elements” of the 11-member pact.

The TPP leaders called off at the last minute a meeting to endorse a plan on Friday. Japan’s economic minister, Toshimitsu Motegi, said scheduling difficulties made it difficult for the leaders to meet Saturday to formally approve an accord.

Canadian officials say their country was not alone in raising concerns over the proposed plan. They say Prime Minister Justin Trudeau’s absence from Friday’s meeting was due to scheduling problems.

___

7:20 a.m.

Trade ministers say they have reached a basic agreement on a Pacific Rim trade pact without the United States.

A statement issued in the early hours Saturday says an accord was reached on “core elements” of the 11-member Trans-Pacific Partnership, a deal abandoned by President Donald Trump after he took office.

The compromise was delayed by last-minute disagreements that prevented TPP leaders from meeting to endorse a plan on Friday.

___

7:45 p.m.

Japanese Prime Minister Shinzo Abe says talks on a Pacific Rim trade pact have stalled after Canada said it could not accept a proposed basic agreement on proceeding without the United States.

Abe made the comments Friday after meeting with his Canadian counterpart, Justin Trudeau, in Danang, Vietnam, on the sidelines of the Asia-Pacific Economic Cooperation forum.

U.S. President Donald Trump pulled out of the Trans-Pacific Partnership in January. Leaders of the 11 countries remaining in the TPP had been due to meet and endorse a deal worked out in last-minute talks overnight.

There was no immediate word on Canada’s stance. However, Trudeau said days earlier that Canada would not be rushed into an agreement.

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