11 Remaining Countries In The Trans-Pacific Partnership International Trade Agreement Announce Preliminary Plans To Move Forward Without United States

 In Economy, International Relations   Last Updated: September 23, 2018

Trump canceled the Trans-Pacific Partnership (TPP) trade agreement with one of his first Executive Orders as President.

The original agreement eased trade regulations and limits tariffs between all member countries.  It notably excluded China and India and included the United States, leaving the U.S. in the driver’s seat of trade in this region (simply from the volume of goods consumed and produced).

On November 11, 2017 the remaining 11 countries announced preliminary plans to move forward with an agreement without the United States.  The details of the revised plan have not been confirmed or made public, and “the revisions required for the 11 remaining TPP countries to continue talks required a difficult balance between high standards and pragmatism, said Japanese Economy Minister Toshimitsu Motegi.”

For each of the countries included, the agreement “will eliminate over 95 per cent of their tariffs.”

The members of the CPTPP represent 494 million people, with a combined GDP of US$10.2 trillion, or 13.6% of global GDP.”

 

 

Alexandra Stevenson and Motoko Rich. "Trans-Pacific Trade Partners Are Moving On, Without The U.S.." New York Times, 11 November 2017. Web. 19 November 2017.
Tran Van Minh and Elaine Kurtenbach. "Asia-Pacific forum sticks to free-trade gospel despite Trump." Washington Post. Associated Press, 11 November 2017. Web. 19 November 2017.
"Minister Champagne Welcomes Progress on the Comprehensive and Progressive Trans-Pacific Partnership." Global Affairs Canada, 10 November 2017. Press Release. 19 November 2017.
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