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Backers of Trans-Pacific Partnership Agree to Press on Without U.S.
Trade ministers from 11 Pacific Rim countries have agreed to push ahead with the multi-lateral Trans-Pacific Partnership in spite of the U.S. decision to withdraw from the pact.
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Trade ministers from 11 Pacific Rim countries have agreed to push ahead with the multi-lateral Trans-Pacific Partnership in spite of the U.S. decision to withdraw from the pact.
The original 12-member deal represented 40% of the global economy and was seen as a pact to balance China’s growing significance in world trade. But President Donald Trump declared the TPP a bad deal for American jobs and said in January the U.S. was pulling out of the plan.
The remaining 11 countries agreed after a meeting in Vietnam to revive the pact and vowed to facilitate any future effort by the U.S. to rejoin, BBC News reports. But the Trump administration's new Trade Representative Robert Lighthizer says the U.S. is “not going to change” its decision. Trump says he favors one-on-one trade deals between the U.S. and other countries.
Countries vowing to finalize the TPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
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