Country TRANS-Pacific partnership will continue to work on a trade agreement without the United States

The countries participating in the TRANS-Pacific partnership (TPP) have agreed to work on drafting trade agreements without the United States, according to Reuters.

The talks were held on the sidelines of the summit of the Asia-Pacific economic cooperation (APEC) forum in the Vietnamese resort of da Nang.

«We have overcome the hard part,» said the Minister of trade of Vietnam Tran Tuan Anh. He also said that the new format will be called a Comprehensive and progressive agreement for the TRANS-Pacific partnership.

The economy Minister of Japan Toshimitsu Motegi expressed hope that the promotion of partnership will be a step to return the United States to the agreement. According to Motegi, 20 of the regulations of the original Treaty would be abolished. The agreement will enter into force after ratification by six of the 11 countries.

Reuters notes that Japan has actively lobbied the TPP Pact, to counter the dominance of China in the markets. Total trade volume in 2016, according to TTP totaled $356 billion.

In January 2017 the President of the United States Donald trump refused TTP in favor of its policy of «America first,» which, in his opinion, will save jobs in the United States.

Trump repeatedly called the agreement a «potential disaster» for the United States, and advocated the introduction of «bilateral trade agreements», which, in his opinion, corresponds more to the interests of Washington.

The US President promised to withdraw from TRANS-Pacific partnership during his election campaign. This Treaty in February 2016 was signed by 12 countries, including the United States. It involves the creation of a free trade zone in the Asia-Pacific region.

Partnership members now are Australia, Brunei, Vietnam, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, Chile and Japan.




Country TRANS-Pacific partnership will continue to work on a trade agreement without the United States 11.11.2017

0
Ноябрь 11th, 2017 by
36 queries