New Zealand signs Trans-Pacific trade pact

New Zealand signs Trans-Pacific trade pact

The TPP, which would have represented 40 percent of the global economy and almost one-quarter of its trade, was left for dead after Trump pulled out to pursue his "America First" agenda, but the revamped deal, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is still a significant achievement and a victory for openness, its supporters said at the signing ceremony in Santiago, Chile.

Signed yesterday (8 March) in Chile, the landmark move was made on the same day US President Donald Trump signed tariffs on steel and aluminium imports.

"The value of the TPP 11 is reinforced by the U.S. tariff decision".

It has also been reported that the United Kingdom is considering signing up to the trade deal after the country exits the EU.

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"Chile is a very good platform to base operation here and from here take it to another other main markets like Brazil, Peru, Argentina, which are bigger markets in terms of consumers", Cristian Blanco of Casas del Bosque said.

Moody's expect Canada and Mexico to attract more investment from CPTPP members, particularly Southeast Asian exporters looking for greater access to the United States market - assuming a smooth resolution on the North America Free Trade Agreement (NAFTA) renegotiations.

The signing provides a framework to promote trade and investment in services between Peru and the other participating countries.

In Chile, the worlds largest ever regional trade agreement, TPP-11, has been signed by Australia yesterday, allowing Australian producers to have new and better access to global markets.

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But it fell victim to Trump's "America First" policy, when he removed the pact's major linchpin before the deal could get under way. It sets high criteria in numerous fields, including labour, the environment, intellectual property, digital economy and cyber security.

The CPTPP was built on the foundations of the Brunei-Chile-Singapore-New Zealand Trans-Pacific Strategic Economic Partnership Agreement that was signed in 2006. One of the points of criticism of the TPP, even in its original form as a 12-member agreement, was the alleged influence of special interests in dictating its broad framework.

He announced the plan for tariffs last week, rattling financial markets. Taiwan is also thought to be preparing for bilateral and multilateral negotiations. With its commitment to market opening, CP TPP delivers a strong message against protectionism, while proving that an opening economy will benefit member nations, according to experts.

"We already have legislation in place but because more than 20 provisions have been suspended since that legislation went through there's a need for some revision", Ms Ardern told reporters in the Cook Islands.

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