TPP Members Tackle Protectionism to Prevent Food and Medicine Shortages

MONTERREY, KOMPAS.com – The Trans-Pacific Partnership bloc members have agreed to fight protectionism and cooperate in addressing the coronavirus pandemic by ensuring that there are no food and medicine shortages.

The joint statement on the matter was published on Wednesday.

"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.

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The Trans-Pacific Partnership group also voiced its support to modernize the World Trade Organization (WTO) and the entry of new members into the TPP bloc.

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 saber-rattling between the United States and China.

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Lockdowns around the world temporarily shattered the web of suppliers central to modern manufacturing.