The 11 remaining Trans-Pacific Partnership (TPP) nations are edging closer to sealing the comprehensive free trade pact.
Reuters reports that New Zealand recently agreed to amend some specific laws that are not subject to TPP but are needed to make a path forward for the agreement. The move brings member countries closer to a victory in support of free trade to be finalized at an Asia-Pacific Economic Cooperation summit next week in Vietnam.
Canada though played down the chances of any formal deal next week, citing the need to ensure the provisions in a new TPP would not cause problems for ongoing talks to update the North American Free Trade Agreement.
TPP aims to eliminate tariffs on industrial and farm products across an 11-nation coalition whose trade totaled $356.3 billion last year. The deal was worth an estimated $4 billion to U.S. agriculture, annually, before the Trump Administration elected to withdraw the U.S. from the trade agreement.
From the National Association of Farm Broadcasting News Service.