Ahead of signing, Coalition ramps-up TPP propaganda

Katrina Barker
March 10, 2018

Now, a revised free-trade deal, called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, is excluding the United States.

The eleven nations that remained after the U.S. pulled out of the Trans Pacific Partnership (TPP) deal have signed a revamped trade pact.

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.

The revised pact keeps most of the provisions, including tariff reductions, agreed in 2016 when USA was still a member.

There is still a way to go - the new TPP does not come into force until it is ratified by at least half of the 11 nations.

In January, Trump, who also has threatened to pull the United States out of the North American Free Trade Agreement, told the World Economic Forum in Switzerland that it was possible Washington might return to the TPP pact if it got a better deal.

The other nations chose to move ahead without the United States, which was the largest economy in the pact.

On the issue of reform, Moody's said because the lower trade and non-trade barriers under CPTPP were conditional on country-specific reforms, the agreement would help sustain domestic reform momentum.

Covering 500 million people on both sides of the Pacific Ocean, the pact represents a new vision for global trade as the United States threatens to impose steel and aluminum tariffs on even its closest friends and neighbors.

Former US President Barack Obama had pushed for the TPP as a means to counter a rising China.

Meltzer said the United States' ability to shape the rules of trade in the Asia-Pacific region "is very much diminished". "It better links us to four of New Zealand's top 10 trading partners in Australia, Japan, Singapore and Malaysia, which account for 30 per cent of New Zealand goods that are exported".

Yesterday, Trump went ahead with his threat to impose levies of up to 25% on steel and aluminium imports in a move that will impact the broader USA economy, decreasing demand - an assessment apparently echoed by the financial markets, which saw stocks tank following the announcement.

First, that numerous more advanced IP provisions were "included at the insistence of U.S. negotiators and were quite unpopular in the original agreement".

"For the first time, New Zealand will gain preferential access to Japan, the world's third-largest economy", he said.

"There is no trade agreement involving that number of countries, and one that has 30 chapters which deal with all the most modern topics of worldwide trade", Bartesaghi told AFP.

A further two countries, Canada and Chile, have joined New Zealand in a declaration that they will use investor-state dispute settlement responsibly.

Other reports by AllAboutTopnews

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