Canada, 10 other nations to sign landmark TPP deal - without US


Canada, 10 other nations to sign landmark TPP deal - without US

The original TPP would have represented roughly 40% of the world's economic output.

"We have been working, motivated by hopes that the United States would return to the trade pact soon", the country's chief negotiator on the deal, Kazuyoshi Umemoto, told Reuters in response to Trump's comments.

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

"South 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 in a release.

In New Zealand, the agreement will go through a select committee process, where the public will get to have their say.

The signatories of the original TPP, signed in February 2016, also included the United States, but US President Donald Trump issued an order in January 2017 to withdraw the US from the pact.

Dozens of people protested on Wednesday in Chile where the signing of the new Trans-Pacific Partnership Agreement (TPP) will take place in the country's capital.

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

The revised agreement eliminates some requirements of the original TPP demanded by US negotiators, including rules to ramp up intellectual property protection of pharmaceuticals.

For TPP11 to enter into force, it must be ratified by half plus one of the member countries, that is, six.

"We're show the world that progressive trade is the way forward, that fair, balanced, and principled trade is the way forward, and that putting citizens first is the way forward for the world when it comes to trade", Canadian Trade Minister Francois-Phillippe Champagne said.

Representatives from Canada, Japan, Australia, New Zealand, Mexico, Chile, Peru, Vietnam, Malaysia, Brunei and Singapore are to sign the Comprehensive & Progressive Trans Pacific Partnership (CPTPP) accord in Santiago de Chile. However, New Zealand's trade minister said that was unlikely in the near term, while Japan has said altering the agreement now would be very hard.

Coming in the same week that Trump risked a trade war over his decision to introduce tariffs on imported steel and aluminum, the deal is seen by some members as striking a blow against protectionism.

The Council of Canadians is anxious, however, that with Mercosur, the Liberal government is again rushing into another corporate agreement, without a debate on the needs and wishes of the public, Dey said.



© 2015 Leader Call. All Rights reserved.