Eleven countries sign revised Trans-Pacific Partnership sans USA

10 March, 2018, 00:56 | Author: Roderick Gutierrez
  • Trump, risking trade war, signs off on steel and aluminium tariffs

After years of often rocky negotiations, the 11 members of a Trans Pacific trade pact officially signed the agreement in Chile on Thursday.

The original deal, signed by 12 countries including the United States in February 2016, could never be implemented after the USA withdrawal as it required six countries, accounting for at least 85 percent of the original 12 signatories' combined GDP, to complete domestic procedures to bring it into force. Although the fate of the TPP was uncertain for a while following Trump's decision to pull the United States out of the pact, the 11 remaining countries moved forward with a trimmed-down deal with Japan leading the push for revival.

However, PIIE said that Malaysia will be the biggest victor from CPTPP, as the deal will provide export access into new markets including Canada, Peru and Mexico benefiting palm oil, rubber and electronics exporters. Over the long term, the economies of the member states are to become more strongly integrated, with value-added chains evolving across the countries' borders.

Trump has recently said that he may consider rejoining the Pacific Rim trade agreement if the United States can get a better deal. President Donald Trump fulfilled an election promise by pulling out in January past year, labeling the deal a disaster for American workers.

On the issue of reform, Moody's said because the lower trade and non-trade barriers under CPTPP were conditional on country-specific reforms, the agreement would help sustain domestic reform momentum.

The 11 remaining countries of the Trans-Pacific Partnership (TPP) have signed their revised version of the multilateral trade pact without the U.S., reviving a deal set to slash tariffs and foster trade in a marketplace worth close to around US$13.5trn.

Mr Ciobo expected the controversial USA steel and aluminium tariffs issue to be discussed on the sidelines of the Chile signing ceremony.

He has since suggested a possible return if the United States could strike a "substantially better deal".

Former US President Barack Obama had pushed for the TPP as a means to counter a rising China.

Many have criticized this trade agreement.

"Into Japan, Australia is seeking to regain access for blueberries and improve market access for other horticulture commodities, including mangoes".

Ms Ardern said her government had wanted to do more to limit the effect of investor-state dispute settlement provisions.

"For the first time, New Zealand will gain preferential access to Japan, the world's third-largest economy", he said.

"Last year Australia exported around $12b worth of agricultural goods to the TPP-11 countries, so this is a real game changer with huge potential".


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