Trans-pacific trade bloc says to ensure food, medicine supplies amid pandemic
MEXICO CITY: Ministers from a transpacific trade bloc have agreed to fight protectionism and avoid food and medicine shortages during the coronavirus pandemic, they said in a joint statement published.
“We strongly believe that given the current circumstances, it is more important than ever to counter protectionism,” said the statement, released after a virtual ministerial meeting of the 11 members hosted by Mexico.
It also expressed support for modernising the World Trade Organization (WTO), and said it supported expanding the bloc by adding new members.
The Comprehensive and Progressive Agreement for Trans-pacific Partnership (CPTPP), comprises
Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Together they have a combined economy of $13.5 trillion.
The pandemic has exacerbated a trend towards protectionism on the global stage, with a number of European countries taking steps to favor domestic investments, and ongoing saberrattling between the United States and China.
Lockdowns around the world temporarily shattered the web of suppliers central to modern manufacturing.
“I am convinced we must take action to strengthen existing regional supply chains and to develop new ones” in the face of the coronavirus pandemic,
Mexican economic minister Graciela Marquez said in her speech that inaugurated the meeting.
The joint statement, issued by the Mexican economy ministry, said open and connected supply chains play “an instrumental role in avoiding food shortages and ensuring global food security.”
The members pledged to “facilitate the flow of essential goods and services during the pandemic, including medical supplies and equipment.”
The statement said the WTO should demonstrate an ability to deliver “outcomes on 21st century issues,” in an apparent dig at the global trade organisation’s more than decade-long deadlock in trade negotiations. — Reuters