Trans-Pacific Partnership rebadged as 'fundamental agreement' reached on new deal

Modesto Morganelli
Novembre 14, 2017

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.

In an effort to salvage a multilateral agreement championed under the Obama administration, the 11 countries made efforts to proceed with the core elections of the trans-pacific trade pact on Saturday.

Trump feared the TPP trade deal would take jobs away from the U.S., and wanted to focus on America First policies.

Discussions would not continue without Canada, she said. The compromise was delayed by last-minute disagreements that prevented the TPP leaders from meeting to endorse a plan on Friday. In this worldwide trade brief, we discuss the resurgence of the goal to renegotiate the Trans-Pacific Partnership among the remaining 11 nations and the reaching of an agreement over the past weekend on the "core elements" of a deal.

Despite enthusiasm for sticking with the plan following the US withdrawal under Trump in January, criticism over various issues persists.

"I wasn't going to be rushed into a deal that was not yet in the best interest of Canadians". Unlike the TPP trade pact, whose decisions will eventually be enforced, APEC's statements are nonbinding.

"Like all free trade agreements, the Foreign Affairs, Defence and Trade Select Committee will scrutinise the CPTPP and Parliament will consider the necessary legislative changes needed to give effect to the agreement".

At a speech in Danang, Trump set out a strong message making clear he was only interested in bilateral deals in Asia that would never put the United States at a disadvantage.

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.

In contrast, Chinese President Xi Jinping told the same group that nations need to stay committed to economic openness or risk being left behind. "This was never about this Friday, this was about the next decade, this is about shaping the terms of trade in the Asia-Pacific region".

APEC operates by consensus and customarily issues nonbinding statements. It's unclear what the exact sticking points were, but officials have alluded to differences over the unequal impact more open trade has had on workers and concerns over automation in manufacturing that could leave many millions in a wide array of industries with no work to do.

The negotiations took place on the sidelines of the APEC summit in Vietnam over the weekend, with Ms Ardern and Trade Minister David Parker leading New Zealand's team.

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