TPP? It’s dead Jim

Trade Minister Todd McClay and his TPP counterparts have agreed to launch a consultation process into preserving the essence of the now-shelved free trade deal at a meeting in Chile.

It was put on ice in January after US President Donald Trump withdrew his country from the agreement days after he took office.

The new agreement by the representatives from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, which all signed the TPP in early 2016, means the members will now go back to crunch the numbers on a US-free TPP, before they meet again at APEC in May.

China, Colombia and South Korea also were on hand for the so-called “high-level dialogue”.

Mr McClay on Thursday told Radio NZ it was too soon to say exactly what the outcome of the process would be or whether the deal was dead.

The TPP was largely a mechanism by member countries to get enough collective trading volume to open up the US market. ?Without the USA, the raison d’?tre?for the TPP to be put in place is largely gone. ? Sure, other TPP partners can trade with each other, but they would be better served to look at Free Trade Agreements between countries rather than a large trading bloc.


– NZN via Yahoo! News