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etvfutures.com November 20, 2017


Bid to Save Pacific Rim Trade Pact Comes to a Head

10 November 2017, 12:34 | Lena Norman

President Tran Dai Quang receives Canadian Prime Minister Justin Trudeau. Font Size

President Tran Dai Quang receives Canadian Prime Minister Justin Trudeau. Font Size

Officials from Japan suggested a revised Trans-Pacific Partnership deal was reached late Thursday.

The Peru-Australia deal was sealed during the APEC Leaders meeting which continues today in Vietnam.

That optimism contrasts with Canada, whose trade minister Francois-Philippe Champagne said in an interview Wednesday that speed shouldn't take priority over getting a good agreement. Since the USA withdrawal, remaining nations have struggled to take the deal forward.

So, for example, if you're running a country that's not getting along great with another country - to the point where a state visit would be awkward and unlikely - significant progress can be made in brief meetings at a regional summit. After years of painful negotiation, and close to the ratification stage at thousands of pages, it was thrown into disarray when Trump withdrew the U.S.in one of his first acts as president this year, arguing the move was needed to protect U.S.jobs. U.S. President Donald Trump's rejection of the pact was a harsh blow.

The leaders of the 11 nations look to officially agree on the deal Friday and release the details of the reformed trade pact.

Japan's Prime Minister Shinzo Abe has pledged to do his utmost to get fellow leaders of countries participating in a Pacific Rim trade pact to stick with the plan despite the withdrawal of the US from the deal.

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The TPP is expected to be a central theme at this week's Asia-Pacific Economic Co-operation summit in the Vietnamese city of Danang.

But Trudeau's remarks, along with signals from government insiders, suggest the Liberals - who are now preoccupied with rescuing NAFTA - hope to avoid making any hurried commitments on the treaty during this week's APEC meetings in Danang.

"There will be no future TPP 12 [with the U.S.] if there is no TPP 11", Motegi added.

Clear agreement on proceeding without the United States would be a boost for the principle of multilateral free trade pacts over the bilateral deal-making that Trump favours. He said the flight of American manufacturing to China after it opened to foreign trade and investment hurt US workers.

Regarding Canada's participation in the Trans-Pacific Partnership (TPP) agreement, PM Trudeau affirmed that Canada attaches importance to global trade collaboration as it helps generate jobs, boost economic development and improve people's living conditions.

The author held that for the Government and people of Canada, Vietnam is not only one of the 11 TPP negotiators and an active member of the ASEAN, but also an important trade partner of Canada in the Asia-Pacific region in which Canada is trying to increase its presence.



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