Trans Pacific Partnership Trade Deal Advances Without United States

Trans Pacific Partnership Trade Deal Advances Without United States

Trans Pacific Partnership Trade Deal Advances Without United States

The leading Pacific Rim nations, including Japan, Australia, Mexico and Malaysia, said they had revived the Trans-Pacific Partnership (TPP) deal - even though the trade pact was abandoned by US president Donald Trump in one of his first acts in office.

New Zealand had made good progress on contentious investor-state disputes resolution clauses and preserving market access, she said.

That involved a hard balance between maintaining high standards and pragmatism, Mr Motegi said.

Canada's interest in becoming a party to TPP-11 is also said to be contingent on several additional improvements including in relation to the auto sector (in view of the fact that USA content may not count in the determination of TPP-11 origin requirements, with the US being outside of the TPP), intellectual property rules, protection of supply management in certain agricultural sectors and Canada's cultural industries. Now the TPP 11 are transforming that agreement into a new trade pact forged on their own initiative.

The 11 members call the new deal the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP. Trump has said he prefers country-to-country deals and is seeking to renegotiate several major trade agreements to, as he says, "put America first".

So, as it stands 10 countries - Australia, Brunei Darussalam, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam - agreed on core elements of pact newly named "Comprehensive and Progressive Agreement for Trans-Pacific Partnership", or CPTPP, according to an official statement released Saturday.

The TPP member countries are trying to find a way forward without the US, the biggest economy and, before Trump took office, one of its most assertive supporters.

Mr Trump and Mr Putin shook hands as leaders of the 21-nation APEC summit opened their meetings.

Given that the European Union and Japan have already reached an agreement in principle on a trade pact, CPTTP had its official signing ceremony and NAFTA revamping is in shaky territory, the reality for the USA swine business is two large markets - Japan and Mexico - could turn to other countries for its pork.

TPP took seven years to negotiate and was drafted in part to counter China's dominance in Asia.

APEC operates by consensus and customarily issues nonbinding statements.

But even talks this week on a declaration to cap the APEC summit had to be extended for an extra half day as ministers haggled over wording.

He said it was clear there would be a need for further changes but that differences had been narrowed down.

It needs to be recognised that trade is the way developing countries have moved up the income ladder.

APEC's members are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, the USA and Vietnam.