New TPP, minus United States, signed in Chile

10 March, 2018, 01:39 | Author: Diane Mills
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The CPTPP would serve as a replacement for what was previously the Trans-Pacific Partnership, or TPP, which the US withdrew from three days after Trump took office in 2017. The ROK has reached bilateral trade agreements with nine of the 11 member states of the CPTPP.

"Given that member states like Japan, Singapore, Malaysia and Vietnam are among Taiwan's 10 largest trading partners, our participation in the CPTPP would help other members in the region further grow and cooperate with one another and jointly push for prosperity in the Asia-Pacific", the ministry said.

Malaysia stands to benefit the most by joining a revamped Trans-Pacific Partnership, Moody's Investors Service said Friday, as 11 countries signed the slimmed-down trade deal without the U.S. overnight. "It ensures our country will be part of a critical trade deal", says Katie Milne, Federated Farmers National President.

The United States refused to participate in the agreement.

In the meantime, CPTPP members have expressed interest in having new members join the bloc, and the United Kingdom, the Philippines, Taiwan, Thailand, South Korea and Sri Lanka are reportedly on the target list.

"We are very hopeful like others that we will see the CP TPP coming into effect about the end of the year or shortly thereafter", said Australia Trade Minister Steven Ciobo.

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"It leaves the a disadvantage from both a trade and a broader strategic perspective", said Joshua Meltzer, senior fellow in the global economy and development program at the Brookings Institution. This will leave the world, which has largely been moving towards increasing free trade even as the US has turned inwards, better off than without the deal. With the United States, the deal would have represented 40%.

Richard Haass, president of the Council on Foreign Relations, tweeted that it is a "truly a sad and bad day for the United States, as TPP comes into force without us while USA deciding on which countries to apply unwarranted and ill-advised tariffs".

The 11 countries involved in the CPTPP are New Zealand, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore and Vietnam.

Meanwhile, building them may be the United States' present M.O.

"The agreement will eliminate more than 98 per cent of tariffs in a trade zone with a GDP of $13.7 trillion that spans the Americas and Asia". The content of CP TPP was basically unchanged from the original TPP with 8,000 pages, except for the suspended implementation of 22 provisions mainly related to intellectual property.

Japanese officials said that by not changing agreements on countries' commitments to market access, the CPTPP has maintained the high-level standards of trade and investment rules.


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