Trans-Pacific Partnership to go ahead – without the US
Countries in the economic pact of the Trans-Pacific Partnership (TPP) agreed on May 21 to move on with the multilateral trade deal without the US after the latter’s President Donald Trump pulled out as he keeps promoting his “America First” policy.
The decision came on the sidelines of a meeting of Asia-Pacific Economic Cooperation (APEC) countries in Hanoi that highlighted the turmoil in global trade negotiations since President Trump ended the old order in the attempt to “protect” US jobs.
Japan has been at the forefront of efforts to get the remaining eleven TPP countries to pursue the agreement, which members have also long seen as a way to counter an increasingly dominant China.
“Eleven countries have shown a lot of unity and a desire to move through some of the equations that will be required to look to put the agreement into force,” New Zealand Trade Minister Todd McClay told Reuters.
One day, the remaining members hope to bring the US back too, a move that could likely happen soon in a post-Trump era. Trump himself rather wants to enter bilateral trade deals that would help reduce the US’s trade deficit with particular countries.
However, one of the biggest challenges for TPP-11 is to keep Vietnam and Malaysia an board, countries that signed up for TPP largely to get better US market access. They now want to renegotiate some points.
The remaining eleven TPP countries are Australia, New Zealand, Brunei, Japan, Malaysia, Vietnam and Singapore and one side of the Pacific and Canada, Chile, Mexico and Peru on the other.
Countries in the economic pact of the Trans-Pacific Partnership (TPP) agreed on May 21 to move on with the multilateral trade deal without the US after the latter’s President Donald Trump pulled out as he keeps promoting his “America First” policy. The decision came on the sidelines of a meeting of Asia-Pacific Economic Cooperation (APEC) countries in Hanoi that highlighted the turmoil in global trade negotiations since President Trump ended the old order in the attempt to “protect” US jobs. Japan has been at the forefront of efforts to get the remaining eleven TPP countries to pursue the agreement, which...
Countries in the economic pact of the Trans-Pacific Partnership (TPP) agreed on May 21 to move on with the multilateral trade deal without the US after the latter’s President Donald Trump pulled out as he keeps promoting his “America First” policy.
The decision came on the sidelines of a meeting of Asia-Pacific Economic Cooperation (APEC) countries in Hanoi that highlighted the turmoil in global trade negotiations since President Trump ended the old order in the attempt to “protect” US jobs.
Japan has been at the forefront of efforts to get the remaining eleven TPP countries to pursue the agreement, which members have also long seen as a way to counter an increasingly dominant China.
“Eleven countries have shown a lot of unity and a desire to move through some of the equations that will be required to look to put the agreement into force,” New Zealand Trade Minister Todd McClay told Reuters.
One day, the remaining members hope to bring the US back too, a move that could likely happen soon in a post-Trump era. Trump himself rather wants to enter bilateral trade deals that would help reduce the US’s trade deficit with particular countries.
However, one of the biggest challenges for TPP-11 is to keep Vietnam and Malaysia an board, countries that signed up for TPP largely to get better US market access. They now want to renegotiate some points.
The remaining eleven TPP countries are Australia, New Zealand, Brunei, Japan, Malaysia, Vietnam and Singapore and one side of the Pacific and Canada, Chile, Mexico and Peru on the other.
