CPTPP Welcomes US-Iran Agreement, Backs Hormuz Reopening

By Anas Abu Hassan

SINGAPORE, June 26 (Bernama) -- The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has welcomed the recent US-Iran agreement, including steps towards reopening the Strait of Hormuz and restoring free and safe navigation, amid concerns over disruptions to global supply chains and energy trade.

In a joint ministerial statement issued after a virtual meeting on Friday, the 12-member trade bloc acknowledged the importance of trade in fuel, energy products and other impacted products, including crude oil, petroleum oils such as diesel, natural gas, petrochemical products and other critical goods including fertilisers.

“We underscore the importance for international trade of maintaining open and secure sea lanes, ensuring freedom of navigation and overflight, and the safe, unimpeded and continuous transit passage in the Strait of Hormuz,” the statement said.

The ministers also underscored the importance of minimising disruptions to energy trade flows in accordance with international law, as reflected in the United Nations Convention on the Law of the Sea (UNCLOS).

They reaffirmed their commitment to promoting free and open markets and rules-based trade in energy and other affected products, describing them as essential to the security and prosperity of their economies.

"We reaffirm our commitments not to impose unjustified trade restrictive measures, and we call on others to do the same," the statement said.

The bloc also recognised regional initiatives to build more resilient global energy supply chains, including the Partnership On Wide Energy and Resources Resilience Asia (POWERR Asia), through close coordination between producer and consumer countries.

The ministers acknowledged the particular energy security vulnerabilities of small-island developing countries, such as in the Pacific, and welcomed continued cooperation on trade diversification to reduce vulnerabilities.

“In this time of crisis for global supply chains, we reaffirm our shared determination to work collectively to address current disruptions, uphold open markets and rules-based trade, and accelerate cooperation on resilience and crisis response,” the statement said.

Ministers and representatives of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Vietnam attended the virtual meeting on Friday.

-- BERNAMA