TPP countries agree to pursue trade deal without US

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TPP countries agree to pursue trade deal without US

24-05-2017 15:21

TPP countries agree to pursue trade deal without US

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TPP countries agree to pursue trade deal without US

Despite the US decision to quit the agreement, countries in the Trans-Pacific Partnership (TPP) trade deal agreed to proceed without the US.

Meanwhile, some nations await the US return to the deal after US President Donald Trump pulled the US out of the pact. Thus, Malaysia's trade minister said the American leader demonstrates readiness to shift his position on other issues.

Talks are taking place within the framework of the Asia-Pacific Economic Cooperation (APEC) meeting. Ministers from countries that account for over 40% of world trade have not reached a consensus yet.

While new US Trade Representative Robert Lighthizer will hold talks with key countries, China is intended to push the Asian trade agreement, which is advantageous to it. Thus, it acts as a champion of global free trade.

Meanwhile, Japan wants to persist with the much more comprehensive TPP agreement, ditched by Trump and which does not include China.

Sources close to the matter said the remaining members of TPP were planning a statement of commitment to the pact.

"There will be two main points: 1. to aim for an early entry into force of the TPP-11, 2. to bear in mind an environment where a signatory country can return," said one source close to the discussions.

The new agreement is due to take effect in 2018.

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