|Commercial and Trade Ministers from Trans-Pacific Partnership member countries pose for a group photo at the signing ceremony in Auckland, New Zealand in 2016.
In an statement released on August 28, Australian Trade Minister Steven Ciobo said he has been engaging regularly with his TPP ministerial counterparts and realised that all 11 nations have a desire to reach a deal.
Bringing the TPP into force would link 11 countries, including four of the world’s top 20 economies, with combined gross domestic product (GDP) of about US$9.8 trillion.
It would result in 19 new free trade agreements coming into force.
The Australian Government is committed to promoting trade and creating more export opportunities for Australian businesses through agreements such as the TPP, Ciobo said.
TPP countries are scheduled to discuss the early enforcement of the TPP at the APEC Economic Leaders’ Meeting to be held in Vietnam in November.
The TPP was signed in February 2016 by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
However, US President Donald Trump announced the withdrawal of the world's biggest economy from the TPP soon after taking office in January 2017.