11 countries sign TPP trade pact without the United States

10 March, 2018, 01:53 | Author: Bert Pena
  • European Commissioner for Trade Cecilia Malmström | Aris Oikonomou  AFP via Getty Images

"Malaysia believes that this agreement will help us to further promote our trade and investment agenda and mitigate the challenges of the global economic environment", Mustapa said in a statement.

Labor's foreign affairs spokeswoman Penny Wong said independent modelling was needed to give an accurate picture of its impact on jobs and the economy.

The government had sought for years to join the TPP, to no avail. Even so, concerns about protectionism are growing after Trump's pledge to slap new tariffs on steel and aluminum, including on long-standing USA allies., potentially triggering tit-for-tat duties.

It comprises Canada, Mexico, Chile, Vietnam, Japan, New Zealand, Malaysia, Peru Singapore and Brunei. Many have cited the size of the agreement, which runs into several chapters and thousands of pages, to contend that the benefits from tariff reductions may be cancelled out by the massive increase in regulatory requirements.

Once implemented, the 11 countries hope to expand the framework to other countries, in particular the United States, whose return would mean the pact covers almost 40 percent of global economic output and add security significance to the deal to counter China's rising clout in the Asia-Pacific region. But the United States is not part of it. HPR's Bill Dorman has more in today's Asia Minute. "However, China has always been a staunch supporter of trade liberalization and an important participant in Asia-Pacific regional cooperation and economic integration", China's foreign minister, Wang Yi, commented Thursday on the deal at a news conference.

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He called the agreement a strong signal "against protectionist pressures, in favor of a world open to trade, without unilateral sanctions and without the threat of trade wars". She says many changes have been made to provisions in the new CPTPP.

"We're proud.to show the world that progressive trade is the way forward, that fair, balanced, and principled trade is the way forward, and that putting citizens first is the way forward for the world when it comes to trade", Canadian Trade Minister Francois-Phillippe Champagne said. The country's fish - particularly its panga - have been the subject of attacks in Europe and the USA over food safety and farming conditions.

The revised deal, which eliminates some requirements from the original TPP, will go into effect two months after a majority of the signatories ratify the agreement.

Heft could come from others.

Real income gains for members would be much greater than the current and earlier deal if the CPTPP expands its membership to include other large Asian economies which have expressed interest in joining such as Indonesia, Korea, the Philippines, Taiwan, and Thailand, Moody's added. Japan led the way in working out a new version of the deal, finalizing negotiations in January this year. For now, the CPTPP has stepped back from many terms from the original deal that were in the US's favour, including rules protecting the intellectual property for pharmaceuticals, which many feared would raise the cost of medicines. "Countries will return to a path toward globalization and this sends a beacon of hope".


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