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TPP Partners Approve New Trade Deal Without the US

Allen Cone - UPI
go to original
November 11, 2017

Update: How Justin Trudeau and Enrique Pena Nieto Allied to Turn the TPP Deal Their Way (The Huffington Post)

Pacific Rim partners, meeting without the United States, reached a new trade deal Saturday in Danang, Vietnam.

The remaining 11 trade ministers of the Trans-Pacific Partnership approved a trade agreement, which each country still needs to sign and ratify. The group was renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership after U.S. President Donald Trump pulled out of the world economic order.

"Ministers are pleased to announce that they have agreed on the core elements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership," the 11 nations said in a statement.

The TPP was formed in February 2016 and spearheaded by former President Barack Obama to expand corporations' international markets and theoretically drive down costs for consumers and businesses.

The remaining countries are Japan, Australia, Canada, Mexico, Singapore, Malaysia, Vietnam, Chile, Peru, New Zealand and Brunei.

The agreement will "serve as a foundation for building a broader free-trade area" across Asia, Taro Kono, Japan's foreign minister, said in a statement.

In the deal, members would have tariff-free trade with one another. The nations hope the agreement will open markets specifically for agricultural products and digital services. In addition, it will help increase protections for intellectual property in some countries.

"We are pleased that progress is being made towards a possible agreement, but there is still some work to be done," François-Philippe Champagne, Canada's minister of international trade, said in a statement.

Read the rest at UPI

Related: How Canada Turned to Mexico to Fend Off TPP Pressure from Japan, Australia (Canadian Press)

Related: Against All Odds, Trans-Pacific Partnership Nations Score Breakthrough to Move on (Straits Times)

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