TPP: Trans-Pacific Partnership to continue without United States
- Author: Adam Floyd May 24, 2017,
May 24, 2017, 5:32
US officials attending the Asian Pacific Economic Cooperation (APEC) forum in Hanoi, Vietnam over the weekend, opposed language that called for all member-countries to "fight against all forms of protectionism", according to Reuters.
Champagne also met last Sunday with the 11 remaining members of the Trans-Pacific Partnership (TPP), a trade deal that Trump withdrew the USA from in one of his first acts as president.
PACIFIC RIM trade ministers meeting in Vietnam vowed yesterday to press ahead with the Trans Pacific Partnership (TPP) trade pact after the USA pulled out.
Although Japan's Prime Minister Shinzo Abe had initially said that the TPP would be "meaningless" without the US, more recently, Japanese officials had begun to second calls from Australia and New Zealand to proceed without the U.S.
The remaining countries held their highest level talks on Sunday and announced that they look forward to continuing the trade deal without USA involvement, the news agency reported.
After an early-morning huddle in the Vietnamese capital Hanoi, New Zealand Trade Minister Todd McClay told reporters that the TPP 11 "are committed to finding a way forward to deliver" the pact. He said the door remains open to the USA, even after President Donald Trump withdrew from the pact in January, saying he prefers bilateral free trade deals.
Explaining US opposition to using the word protectionism, Mr Lighthizer said the term was being confused with the steps that were really needed to promote free trade.
Mr Mustapa added that if the remaining countries went ahead, the pact should be renegotiated.More news: Aide posts joking video of Clinton avoiding 'unwanted Trump hug'
President Trump left a mammoth Pacific free trade deal in ruins. "The carrot was access to the USA market".
The ministers from Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Malaysia, Peru, Singapore and Vietnam met as part of a Asia-Pacific Economic Cooperation, or APEC, event. It is also unlikely that other TPP governments would agree to stronger medicine monopolies and investor rights to sue governments without access to the U.S. market.
The meeting in Hanoi, Vietnam, was the biggest trade gathering since the election of USA president Donald Trump upended the old order.
The remaining eleven signatories to the Trans Pacific Partnership (TPP) pact have agreed to seek an accord without the United States.
He said the United States favors bilateral over multilateral trade deals and he expects a series of agreements in the region.
The trade framework, which accounts for more than 3.5 billion people, or half the world's population with 30 percent of global gross domestic product and trade, is viewed as a crucial regional trade pact and an alternative to the TPP. The Asia trade deal it favours is called the Regional Comprehensive Economic Partnership. "There is a renewed desire to find a way to a high-quality outcome, but it's going to take a lot of hard work to get it done by the end of the year".
APEC countries failed to come out with their usual joint statement after the United States rejected language on fighting protectionism which Asian countries wanted to include.
But the remaining nations - the so-called TPP 11 - have options.
Malaysia and Vietnam approved the deregulation of their markets in the TPP negotiation process because they expected greater exports to the United States, which is a huge market.