Trans-Pacific Trade Partners Are Moving On, Without the U.S.
- 6 years ago
Trans-Pacific Trade Partners Are Moving On, Without the U.S.
In a statement posted online, the Australian government said
that the agreement in principle demonstrated the 11 countries’ “commitment to open markets, to combat protectionism and to advance regional economic integration.”
The 11 countries working toward the new agreement are Japan, Australia, Canada,
Mexico, Singapore, Malaysia, Vietnam, Chile, Peru, New Zealand and Brunei.
Completing a deal now, he said, “makes the possibility of the U. S. coming back more likely.”
The new agreement has been crafted with the hope that the United States will one day participate.
“The U. S. has been the driving force, not just behind the global economic order, but also pursuing higher standards on free trade and securing provisions
that go way above the World Trade Organization obligations,” said Stephen Olson, a former United States trade negotiator who worked on Nafta.
Pointedly, the potential members of what is now called the Comprehensive
and Progressive Agreement for Trans-Pacific Partnership came to an early agreement on the broad outline of a deal while many of their leaders were meeting with Mr. Trump in Vietnam — itself a potential member of the new trading group.
A new deal, which would have to be signed and ratified by each country, would include major United States allies like Japan, Canada and Mexico.
“It will be difficult for the administration to backtrack,” said Wendy Cutler, a former United States trade negotiator who worked on the Trans-Pacific deal
and is now managing director of the Washington office of the Asia Society Policy Institute.
In a statement posted online, the Australian government said
that the agreement in principle demonstrated the 11 countries’ “commitment to open markets, to combat protectionism and to advance regional economic integration.”
The 11 countries working toward the new agreement are Japan, Australia, Canada,
Mexico, Singapore, Malaysia, Vietnam, Chile, Peru, New Zealand and Brunei.
Completing a deal now, he said, “makes the possibility of the U. S. coming back more likely.”
The new agreement has been crafted with the hope that the United States will one day participate.
“The U. S. has been the driving force, not just behind the global economic order, but also pursuing higher standards on free trade and securing provisions
that go way above the World Trade Organization obligations,” said Stephen Olson, a former United States trade negotiator who worked on Nafta.
Pointedly, the potential members of what is now called the Comprehensive
and Progressive Agreement for Trans-Pacific Partnership came to an early agreement on the broad outline of a deal while many of their leaders were meeting with Mr. Trump in Vietnam — itself a potential member of the new trading group.
A new deal, which would have to be signed and ratified by each country, would include major United States allies like Japan, Canada and Mexico.
“It will be difficult for the administration to backtrack,” said Wendy Cutler, a former United States trade negotiator who worked on the Trans-Pacific deal
and is now managing director of the Washington office of the Asia Society Policy Institute.