World News

TPP re-think could boost US-Pacific trade

TPP re-think could boost US-Pacific trade

Members of an 11-nation Asia-Pacific trade pact said Friday they opposed any renegotiation of the deal to accommodate the United States should it decide to rejoin at a later date.

Priest said the new version excludes several critical provisions that would have benefited the US had it not withdrawn from the agreement previous year. Trump rooted his campaign in correcting what he saw as unfair trade practices that were hurting American workers and manufacturers, and, very soon after taking office, Trump signed an executive order that withdrew the US from the partnership. "As I have said, the United States is prepared to negotiate mutually beneficial, bilateral trade agreements with all countries".

"Last year, the President kept his promise to end the TPP deal negotiated by the Obama Administration because it was unfair to American workers and farmers", White House Deputy Press Secretary Lindsay Walters said in a statement Thursday. Ben Sasse had told reporters that Trump was reconsidering the withdrawal from the trade agreement, which Obama Administration had negotiated with 11 other Pacific Rim countries to promote free trade by reducing barriers between them.

The TPP, which now comprises 11 nations, was created to cut trade barriers in some of the fastest-growing economies of the Asia-Pacific region and to counter China's rising economic and diplomatic clout. What do American farmers and companies stand to gain?

Mustapa, in his tweet yesterday, said "renegotiation will not only take a long time, but also alter the balance of benefits for parties". Even as officials in other countries expressed skepticism Friday, they said they would like to hear what Washington has to offer.

And then there's the other trillion-dollar question: "How receptive will the other 11 nations be to welcoming the US back?"

More news: Egypt extends nationwide state of emergency for three months

The United States entered TPP negotiations in 2008.

Friday morning, President Trump expanded on the conditions for getting back into TPP.

New Zealand Prime Minister Jacinda Ardern, noting the progress made by the 11 countries after Trump abandoned the deal, also flagged challenges to the Untied States rejoining the pact.

"There would be another process and so, at this stage we are talking hypotheticals". They finalized a revised version of the trade pact last month, renaming it the Comprehensive and Progressive Agreement for Trans-Pacific Partnership or CPTPP.

A Canadian government official said on Thursday there had not been any formal outreach from the United States about the pact. Japan, a close USA ally, is a member of the TPP.


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