Eleven Nations Sign Overhauled Pacific Trade Pact Without US

Eleven Nations Sign Overhauled Pacific Trade Pact Without US

Even without the United States, the deal will span a market of almost 500 million people, making it one of the world's largest trade agreements, according to Chilean and Canadian trade statistics.

The 11 remaining nations finalised a revised trade pact in January.

"Into Japan, Australia is seeking to regain access for blueberries and improve market access for other horticulture commodities, including mangoes".

Compared to the original deal, lost trade opportunities will be felt most in Vietnam, Malaysia, and Japan, because these countries stood to gain the most from greater access to the US market given the scope of current trade agreements, the ratings agency said.

Winters stated that it is likely that the United States would reconsider its decision on choosing to withdraw from the original TPP trade deal, even if it may not happen under the Trump presidency.

He said GrainGrowers strongly supported a trade liberalisation agenda which focused on addressing non-tariff barriers to trade such as sanitary and phytosanitary measures, as well as quotas and tariffs.

The deal came as US President Donald Trump vowed earlier in the day to press ahead with a plan to impose tariffs on steel and aluminum imports, a move that other nations and the International Monetary Fund said could start a global trade war. Its main objective is to slash trade tariffs between member countries.

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The agreement also sets rules on intellectual property, labor and the environment. 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 USA offers some respite to the supporters of free trade.

The revamped TPP also includes Brunei, Canada, Chile, Mexico, New Zealand, Peru, Singapore and Vietnam.

"It's vital that these global trade agreements exist, without it, there's a real risk of more countries retreating to economic protectionism, which would hamper our access to key and emerging markets".

"Korea has already struck bilateral trade agreements with nine nations among the 11 member states, with the exception of Japan and Mexico", the ministry said. With its commitment to market opening, CP TPP delivers a strong message against protectionism, while proving that an opening economy will benefit member nations, according to experts.

It is necessary to highlight that the TPP-11 concentrates a population of some 600 million inhabitants with a global GDP of 10.5 trillion dollars.

"As one of the pioneer members who has successfully negotiated the agreement 'on our terms, ' Malaysia should not miss the opportunity to grab the benefits of this agreement and efforts to complete the ratification process should be intensified", he said in a statement.

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