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TPP Member Nations Seek to Save Trade Agreement

DanIndustry News Release, Trade

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Trans-Pacific Partnership member nations are hoping to salvage the trade deal after U.S. President Donald Trump withdrew the United States from the agreement by executive order. Fulfilling a campaign pledge, Trump signed the order this week, pulling the U.S. out of the massive trade deal. Both Australia and New Zealand remain hopeful the deal can be salvaged without the United States. Both nations talked with Japan on continuing the agreement, according to Reuters. Australia’s Prime Minister said the U.S. withdrawing from the deal is “a big loss,” but added there is potential for China to join the agreement. China has proposed a counter pact, the Free Trade Area of the Asia Pacific and has championed the Southeast Asia-backed Regional Comprehensive Economic Partnership. Meanwhile, TPP requires ratification by at least six countries accounting for 85 percent of the combined gross domestic product of the member nations. A meeting between the remaining TPP nations is expected in the coming months, according to a New Zealand trade official.

From the National Association of Farm Broadcasting news service.