Trans Pacific Partnership deal back on track

Nov 13, 2017, 00:25
Trans Pacific Partnership deal back on track

But the TPP-11 was thrown into limbo on Friday after Canadian Prime Minister Justin Trudeau snubbed an APEC leader's meeting on the deal and raised a raft of unforeseen issues.

Australian officials remain tight-lipped on the progress, but New Zealand Prime Minister Jacinda Ardern said the so-called TPP-11 were no longer talking about countries walking away from the deal. The ministers also said they would work to improve the functioning of the World Trade Organisation - which Trump criticised in Friday's speech.

"Particularly when it comes to culture, when it comes to the auto sector, you'll bet that we'll take the time to consult with stakeholders to get the deal done", he told reporters.

The agreement, which still needs to be finalised, would now be called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he said. The compromise was delayed by last-minute disagreements that prevented the TPP leaders from meeting to endorse a plan on Friday.

In a speech hours before at the summit, President Trump emphasized his hard line on multilateral trade deals, declaring that the US would not be "taken advantage of anymore." the which has informed his threats to pull out of NAFTA.

Earlier, Mr Trump effectively slammed the door shut on any hope of America rejoining the TPP negotiations during his address to the APEC summit.

Canada, which has the second biggest economy among remaining TPP countries after Japan, had said it wanted to ensure an agreement that would protect jobs and was in no hurry.

They also changed the trade accord's name to the unwieldy Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

It has been reported that the 11 Trans-Pacific Partnership (TPP) countries have reached an agreement on "core elements" of the trade pact, including that all countries will adhere to strict labour and environmental standards.

Ministerial talks on a communique for the APEC leaders were extended into a second day on Thursday in the face of US demands for changes to the language used concerning issues such as free trade and protectionism, officials at the talks said.

A press conference was scheduled later on Saturday.

Xi drew loud applause when he urged support for the "multilateral trading regime" and progress toward a free-trade zone in the Asia-Pacific. Under the original TPP, in order for a vehicle to enter Canada tariff-free, 45 per cent of it must have originated in a TPP member nation (auto parts themselves must have a regional content value of 35 to 45 per cent).

APEC operates by consensus and customarily issues nonbinding statements. TPP commitments would eventually be ratified and enforced by its members.

But even talks this week on a declaration to cap the APEC summit had to be extended for an extra half day as ministers haggled over wording.

Apec trade and foreign ministers released a joint statement on Saturday, three days later than planned because of wrangling over customary language the United States wanted to change. Danang, Vietnam's third largest city, is in the midst of a construction boom as dozens of resorts and smaller hotels pop up along its scenic coastline.

The TPP, comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, now covers 13 percent of the global economy, compared with 40 percent prior to the withdrawal of the United States.

YOU MIGHT ALSO LIKE
  • US Air Force: Iran provided capability for missile attacks from Yemen

    US Air Force: Iran provided capability for missile attacks from Yemen

    President Donald Trump decertified the agreement and imposed sanctions on the Iranian Revolutionary Guards. She said a missile shot down over Saudi Arabia on Saturday "may also be of Iranian origin".
    Apple aware of cold weather affecting iPhone X touch input

    Apple aware of cold weather affecting iPhone X touch input

    Apple has appeared to recognise a recent fault in the iPhone X after some users reported that it wouldn't work in the cold. The company cautions that trying to use it outside that temperature range might "cause the device to change its behavior".
    Blooding youngsters is path forward for England, says Gareth Southgate

    Blooding youngsters is path forward for England, says Gareth Southgate

    You sense, talking to Loftus-Cheek, that he has a sensible head on his shoulders. "For me, it was a real positive tonight". I'll find out whose played well tonight, who warrants the decision. "He can be really pleased with his performance".
  • Driver runs down three students in France

    Driver runs down three students in France

    All three victims, who are thought to be Chinese and aged 22 and 23, have been taken to a hospital in Toulouse for treatment. French Police said a man driving a auto outside a high school rammed into three students near Toulouse in southern France.
    Veterans Day: Freebies, discounts and deals for our military

    Veterans Day: Freebies, discounts and deals for our military

    Must present a Walgreens Rewards card and valid Military ID or proof of service to receive the discount on eligible items. Combo options include a choice of enchiladas, crunchy or soft tacos, empanadas, chimichangas, soup, salad and more.
    Nascar eSports Future of Racing?

    Nascar eSports Future of Racing?

    Just like modern stars Cristiano Ronaldo and Lionel Messi have made soccer all the more popular in the United States of America. Still unsure? The series has been shown online since 2010, and the demand to watch it shows the growth is likely to continue.
  • Saudi-led strikes hit defence ministry in Yemen capital

    Saudi-led strikes hit defence ministry in Yemen capital

    Yemen has been immersed in a violent conflict between President Abd Rabbuh Mansur Hadi's government and the Houthi Shia movement. More than 2,000 Yemenis have died in a cholera outbreak now affecting almost one million people.
    Sean Parker on Facebook: We created a monster

    Sean Parker on Facebook: We created a monster

    Now the founder and chair of the Parker Institute for Cancer Immunotherapy , Parker was there to speak about advances in cancer therapies.

    Seyfeddin Roustamov.

    The annual revenue of Metafrax Group exceeded USD 660 million and the annual volume of investments amounted to USD 80 million. CHEMICAL ASSETS In 2014 Seyfeddin Roustamov became the major shareholder of the chemical company Metafrax (Perm region).
  • Bale suffers new injury during rehab process

    Bale suffers new injury during rehab process

    However, for many in Madrid those moments have been far too fleeting for the club's record purchase. Bale has been plagued by injuries since joining Real Madrid in the summer of 2013.
    EA buys Titanfall dev Respawn Entertainment for as much as $455M

    EA buys Titanfall dev Respawn Entertainment for as much as $455M

    Respawn Entertainment was initially founded by former Infinity Ward heads Vince Zampella and Jason West in 2010. Respawn is a bit of a titan itself in the game development arena, and here is hoping it does not fall.
    US, South Korea joint military drills begin in Western Pacific

    US, South Korea joint military drills begin in Western Pacific

    Nuclear-armed North Korea has lashed out at the military muscle-flexing, which it calls a rehearsal for invasion. The decision to soon go forward with the exercise in the Western Pacific has not been previously published.
popular