Eleven countries to sign TPP replacement in Chile
- 6 years ago
Amid fears of a looming trade war and rising protectionism, finally some good news for free trade advocates.
Eleven countries are set to put pen to paper on a mega-free trade deal in the coming hours.
Kim Hyesung reports.
A year after the U.S. withdrew from the Trans-Pacific Partnership, the eleven remaining countries are due to sign a new agreement on Thursday in Chile.
The deal, rebranded as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), was revamped last year after eleven countries, including Japan, Australia and Canada agreed to keep the trade pact.
Chile's top trade negotiator, Felipe Lopeandia, said the group moving forward after President Trump's retreat will "send a political signal to the world and to the U.S. itself, that this is a global agreement."
The CPTPP drops around 20 clauses from the TPP, mainly over intellectual property regulations that had been demanded by the U.S.
Washington's exit means a downsizing of the original trade pact which with U.S. involvement represented around 28 trillion U.S. dollars, or one-third of world trade.
The eleven remaining states represent over 13 percent of the world economy and 500 million people, greater than the European Union.
The deal, which aims to cut import taxes to foster trade, will go into effect 60 days after it's ratified by at least six member countries.
South Korea is not a member of the CPTPP.
But it has bilateral free trade deals with nine of the CPTPP members, other than Japan and Mexico.
Seoul's trade ministry says it will closely look into the CPTPP, analyze its economic effect and decide whether it will join by the end of this year.
The ministry added that it's looking into joining the Pacific Alliance trade bloc including Mexico, Chile, Peru and Columbia.
Kim Hyesung, Arirang News.
Eleven countries are set to put pen to paper on a mega-free trade deal in the coming hours.
Kim Hyesung reports.
A year after the U.S. withdrew from the Trans-Pacific Partnership, the eleven remaining countries are due to sign a new agreement on Thursday in Chile.
The deal, rebranded as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), was revamped last year after eleven countries, including Japan, Australia and Canada agreed to keep the trade pact.
Chile's top trade negotiator, Felipe Lopeandia, said the group moving forward after President Trump's retreat will "send a political signal to the world and to the U.S. itself, that this is a global agreement."
The CPTPP drops around 20 clauses from the TPP, mainly over intellectual property regulations that had been demanded by the U.S.
Washington's exit means a downsizing of the original trade pact which with U.S. involvement represented around 28 trillion U.S. dollars, or one-third of world trade.
The eleven remaining states represent over 13 percent of the world economy and 500 million people, greater than the European Union.
The deal, which aims to cut import taxes to foster trade, will go into effect 60 days after it's ratified by at least six member countries.
South Korea is not a member of the CPTPP.
But it has bilateral free trade deals with nine of the CPTPP members, other than Japan and Mexico.
Seoul's trade ministry says it will closely look into the CPTPP, analyze its economic effect and decide whether it will join by the end of this year.
The ministry added that it's looking into joining the Pacific Alliance trade bloc including Mexico, Chile, Peru and Columbia.
Kim Hyesung, Arirang News.