After the U.S. pulled out of the Trans Pacific Partnership, the other eleven countries involved didn’t abandon the effort. Led by Japan, the nations are trying to finish the job on successfully signing the trade pact. Ben Otto reports:
Led by Japan, trade negotiators are meeting in this seaside town ahead of the Asia-Pacific Economic Cooperation summit, seeking a revised version of the Trans-Pacific Partnership by suspending clauses that the U.S. had backed for years in negotiations under former President Barack Obama.
Paulina Nazal, Chile’s vice minister of trade and TPP chief, said Wednesday that the remaining countries hoped to have a deal enter into force next year. A Japanese foreign ministry spokesman said Tuesday that the group hoped to reach an “agreement in principle” this week.
A new deal would bring together Japan, Canada, Australia, Mexico and a host of smaller nations with a combined GDP of more than $10 trillion. It is a far cry from what the pact would have been with the U.S., but negotiators and trade experts say the deal would still wield strategic significance and that by putting some clauses on hold, they’re leaving the door open for the U.S. to join later.
“We would like the U.S. to join in the near future,” Ms. Nazal said. “The new administration has to know a little bit more about the agreement, has to make their own evaluation [and see] why 11 economies are so engaged.’’
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