TPP leaders to stick to trade pact despite Trump’s objection

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apec-meetingThe leaders of the 12 member states of the Trans-Pacific Partnership (TPP) at the meeting of the Asia-Pacific Economic Cooperation (APEC) in Peru agreed to step up efforts to implement the free trade agreement in a veiled counter to US President-elect Donald Trump over his protectionist stance.

In a meeting in Peru’s capital Lima, the leaders affirmed their intention to advance domestic procedures such as ratification by parliaments of member states so that the US-led TPP can enter into force, according to a senior Japanese official.

Although it is unclear whether the free trade pact will come into force with a new Trump administration, the leaders did not discuss the possibility of implementing the TPP without the participation of the US, the official said.

US President Barack Obama was quoted by the official as saying his administration will continue efforts to win domestic support for the pact, which Trump has vowed to scrap once he takes office in January.

Obama “urged his fellow leaders to continue to work together to advance TPP,” it said.

Japanese Prime Minister Shinzo Abe said: “If we stop our domestic procedures, the TPP will be completely dead. It will be impossible for us to curb protectionism,” according to the Japanese official.

Chinese President Xi Jinping used the summit to promote the China-dominated Regional Comprehensive Economic Partnership (RCEP) as an alternate vision for regional trade. The RCEP, as it stands, excludes the Americas.

He also warned of economic isolationism, saying that “China will not shut its door to the outside world but open more.”

 

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Reading Time: 1 minute

The leaders of the 12 member states of the Trans-Pacific Partnership (TPP) at the meeting of the Asia-Pacific Economic Cooperation (APEC) in Peru agreed to step up efforts to implement the free trade agreement in a veiled counter to US President-elect Donald Trump over his protectionist stance.

Reading Time: 1 minute

apec-meetingThe leaders of the 12 member states of the Trans-Pacific Partnership (TPP) at the meeting of the Asia-Pacific Economic Cooperation (APEC) in Peru agreed to step up efforts to implement the free trade agreement in a veiled counter to US President-elect Donald Trump over his protectionist stance.

In a meeting in Peru’s capital Lima, the leaders affirmed their intention to advance domestic procedures such as ratification by parliaments of member states so that the US-led TPP can enter into force, according to a senior Japanese official.

Although it is unclear whether the free trade pact will come into force with a new Trump administration, the leaders did not discuss the possibility of implementing the TPP without the participation of the US, the official said.

US President Barack Obama was quoted by the official as saying his administration will continue efforts to win domestic support for the pact, which Trump has vowed to scrap once he takes office in January.

Obama “urged his fellow leaders to continue to work together to advance TPP,” it said.

Japanese Prime Minister Shinzo Abe said: “If we stop our domestic procedures, the TPP will be completely dead. It will be impossible for us to curb protectionism,” according to the Japanese official.

Chinese President Xi Jinping used the summit to promote the China-dominated Regional Comprehensive Economic Partnership (RCEP) as an alternate vision for regional trade. The RCEP, as it stands, excludes the Americas.

He also warned of economic isolationism, saying that “China will not shut its door to the outside world but open more.”

 

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