The move came almost two years after President Donald Trump's withdrawal dealt a major blow to what would have been the world's largest free trade pact. Trump pulled out of the Trans-Pacific Partnership (TPP) deal in one of his first post-election moves as part of his "America First" clarion call, declaring the 12-nation trade pact a "job killer." The 11 remaining countries have pledged to move ahead with the deal, which could go into effect by the end of this year, although in a significantly watered-down version without the U.S. They have kept a door open for Washington's return, and have also not ruled out allowing other non-Pacific countries to join the deal. Japan's foreign minister on Thursday encouraged the U.S. to come back to the pact, speaking at a regional World Economic Forum (WEF) where concerns over trade protectionism have dominated discussions. "We believe TPP is still the best option for (the) United States," Taro Kono said. "It will be very attractive for American … [Read more...] about Japan, Vietnam urge US to rejoin Pacific trade deal
Tpp trade deal trump
Leaders of 11 Asia-Pacific nations signed the CPTPP in Sangiago, Chile The CPTPP is a new-generation free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The CPTPP will create one of the world’s largest free trade blocs with a market serving about 499 million consumers and gross domestic product (GDP) of US$10.1 trillion, accounting for 13.5 percent of global GDP. The trade deal was formerly named the Trans-Pacific Partnership (TPP), with the United States one of its members. After President Donald Trump announced the US withdrawal in early 2017, negotiations among the remaining states appeared stalled at times. However, strenuous efforts by member countries, especially Japan, Mexico and Vietnam, managed to breathe new life into the TPP, which was renamed CPTPP. As the host of APEC 2017, the annual activities of the 21-member Asia Pacific Economic Cooperation forum, Vietnam significantly … [Read more...] about Landmark Pacific Rim trade deal signed
The chief negotiators of the 11 remaining Trans-Pacific Partnership countries gather on Thursday on Tokyo The chief negotiators of the 11 remaining Trans-Pacific Partnership countries worked Thursday to narrow down proposed freezes to parts of the original accord following the U.S. withdrawal from the free trade deal. The 11 countries are seeking to reach a new agreement by November to implement the pact but member countries have made dozens of proposals for freezes to the current deal, in particular clauses introduced at U.S. request. Japan is seeking to make minimal changes to the current agreement, in the hope that the United States may eventually return to the TPP, Japanese sources said. “We have done a lot on sorting out the requests,” Kazuhisa Shibuya, the government’s spokesman on the TPP, told reporters following talks on Thursday, the first day of a two-day meeting. “We are becoming aware of where each country’s interests are.” Shibuya … [Read more...] about TPP negotiators work to revise trade deal after U.S. withdrawal
U.S. President Donald Trump said last week he would reconsider joining the landmark Trans-Pacific Partnership (TPP) trade agreement, if it were a “substantially better” deal than the one offered to President Barack Obama. Here is a look at the state of play in the negotiations and the conditions needed to be in place for the United States to join an agreement Trump scrapped as soon as he took office. What are the TPP and CPTPP? The original 12-member agreement was known as the TPP. It was a signature trade policy of Obama, but he was unable to secure Congressional support for the deal. It was thrown into limbo when Trump withdrew from the deal three days after his inauguration in January 2017, a move he said was aimed at protecting U.S. jobs. Following the U.S. withdrawal, the remaining 11 countries renegotiated parts of the TPP, removing some of Washington’s demands. In March, they signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership … [Read more...] about Trump says US could rejoin TPP if deal improved. How hard would it be?
Vietnamese Prime Minister Nguyen Xuan Phuc reiterated that he wants the U.S. back in a landmark Asia-Pacific trade agreement that was signed earlier this month by 11 countries in the region without the U.S. It is "in the interests of all the member economies" for the U.S. to return to the Trans-Pacific Partnership (TPP) trade pact, Phuc told Nikkei and the Financial Times on Monday. That would be a great impetus for growth "in this region and the world," Nikkei quoted the PM as saying. The original 12-member agreement, known as the Trans-Pacific Partnership (TPP), was thrown into limbo early last year when Trump withdrew from the deal three days after his inauguration. He said the move was aimed at protecting U.S. jobs, according to Reuters. The 11 remaining nations finalized a revised trade pact in January, called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP will reduce tariffs in countries that together amount to more … [Read more...] about Vietnamese PM wants US back in monumental Pacific trade deal