Trans-Pacific Partnership Signed without US

Trump, risking trade war, signs off on steel and aluminium tariffs

Trade ministers of 11 countries participating in the trade pact, namely Australia, Brunei, Canada, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam, attended the event.

Chilean foreign minister Heraldo Munoz said the agreement was a strong signal "against protectionist pressures, in favor of a world open to trade".

Extraneous adjectives aside, its supporters say it's hugely significant, and could be a model for future trade deals.

"The TPP-11 offers preferential market access for dairy; cotton; barley; beef and live cattle; offal, processed meat and animal fats; sheep meat; seafood; wheat and wine".

The pact represents 13.5 per cent of the global economy with a market of 500 million people, and comes amid a backlash against globalisation.

"With the conclusion of the CPTPP, the Ministry of International Trade and Industry and our colleagues from other ministries and agencies will now focus our attention on concluding the Regional Comprehensive Economic Partnership (RCEP) negotiation".

It comprises Canada, Mexico, Chile, Vietnam, Japan, New Zealand, Malaysia, Peru Singapore and Brunei.

Trump, risking trade war, signs off on steel and aluminium tariffs

Media Release (03/08/2018) - Today, leaders from 11 of the original signatories of the Trans-Pacific Partnership (TPP) signed a modified version of the original agreement now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Chile.

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.

The CPTPP will do away with virtually all tariffs and other barriers to trading goods, and help shipments clear Customs more easily. Last but not least, amid palpable fears of a global trade war, the survival of a free trade agreement despite the sudden pullout of the US offers some respite to the supporters of free trade. E-commerce rules can also ensure that data moves freely across borders.

The EU considers itself to be caught in the crossfire of a trade dispute, in which Trump has mainly singled out China for being unfair in its commercial deals. In the case of the U.S. joining the CPTPP, the concerned parties would have to grant concessions and be flexible in negotiations. He said the move was aimed at protecting USA jobs.

The deal, which survived the United States' withdrawal past year, will eliminate over 95 percent of all tariffs in a grouping worth $US10 trillion.

Richard N. Haass, president of the Council on Foreign Relations, said on Twitter Thursday, "Truly a sad and bad day for the United States, as TPP comes into force without us while U.S. deciding on which countries to apply unwarranted and ill-advised tariffs".

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