11 nations sign revamped TPP in Chile

Aaron Brown
March 9, 2018

Meltzer said the United States' ability to shape the rules of trade in the Asia-Pacific region "is very much diminished". U.S. Wheat Associates and NAWG are concerned about the deal and want the U.S.to re-enter TPP.

The suspension of 22 provisions makes this a substantially different deal from the old TPP. He said the move was aimed at protecting U.S.jobs.

Ministers from all 11 countries, which together represent 495 million people and have a combined GDP of $13.5 trillion, or 13 per cent of global GDP, will officially sign the CPTPP at a ceremony in Santiago, Chile, on March 8. Without the USA which was taken out of the deal by President Donald Trump, the new pact will cover just 13% of global GDP, but still include around 500 million people.

It was signed by Trade Minister David Parker in Chile shortly after 7am (NZT) today.

The Labour Party, which rejected the previous TPP deal, has trumpeted the revised agreement as an improvement.

The secrecy that shrouded the agreement during global talks also drew intense skepticism from both ends of the political spectrum, despite President Barack Obama's determined pitch for his signature trade initiative. Critics in countries ranging from Canada and Chile to New Zealand and Australia have met Thursday's signing with vocal opposition. These governments agreed on its content January 23 and by February 21 its 30 chapters were released to the public.

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The European Union said this week that it is ready to retaliate against Trump's tariffs - of 25 percent on imported steel and 10 percent on aluminum imports - with counter-measures against iconic US products like Harley Davidson motorcycles, Levi's jeans and bourbon.

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.

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.

In January, Trump told the World Economic Forum in Switzerland that it was possible Washington might return to the pact if it got a better deal. "We welcome it becoming positive toward the TPP".

As well, Trump has threatened to kill the North American Free Trade Agreement renegotiations that are underway with Canada and Mexico. "Mexico does have other options - they may not be ideal, but they're options that weren't available 25 years ago".

Trump has also threatened to dump the North American Free Trade Agreement unless the other two members of the pact, Canada and Mexico, agree to provisions that Trump says would boost USA manufacturing and employment.

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