Trade ministers in the Asia-Pacific region have agreed to continue with the controversial Trans-Pacific Partnership (TPP} even after US President Donald Trump pulled out.
Trump Pulls Out of TPP But Members Vow To Continue With Deal
In January, Mr. Trump indicated that he would not allow the TPP trade deal to pass, in an effort to protect American jobs.
Meeting in Vietnam, trade ministers from the other 11 countries are keen on resuscitating the deal.
The ministers have also kept the pact open for the US to return to it any time.
Trade ministers from New Zealand, Japan and Australia led the bid to bring the TPP back on track.
Todd McClay, New Zealand Trade Minister said the other 11 countries are keen on finding a way to bring the deal to fruition.
While the US will be able to rejoin the trade deal if it wishes, representative Robert Lighhizer said the US will not go back to the pact.
In a statement he said, “The United States pulled out of the TPP and that decision is not going to change.”
“The president made a decision that bilateral negotiations are better for the United States than multilateral ones.”
The other remaining countries working to revive the TPP include Canada, Japan, New Zealand, Australian, Mexico, Singapore, Chile, Peru, Brunei, Vietnam and Malaysia.
In February 2016, twelve countries bordering the Pacific Ocean signed on to the TPP, which would in effect represent up to 40% of global trade.
The trade deal sought to deepen economic relations between these countries through tariff cuts and trade to improve growth. Members were looking to foster close economic regulations and policies.
The deal eventually aimed to create a sort of single market such as the European Union.
However, for it to come into effect, all members needed to ratify it.
Following Mr. Trump’s election win last year, the fate of the TPP was clear.
US participation was the cornerstone of the deal. While the other countries may still go ahead with the deal, the TPP will certainly have to change its current form.
Japan is the only country so far to have ratified the trade deal.
The TPP was a priority for former President Barack Obama during his tenure. The deal would have elevated America’s position in the Asia-Pacific region where China is becoming increasingly influential.
However , those against it in the US have said the TPP lacks transparency, favors big business and placed the interests of other countries above those of the US.