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Australia among 11 countries to sign TPP without US

Australia among 11 countries to sign TPP without US

The deal "will provide free and fair rules for the Asia-Pacific region", Economic and Fiscal Policy Minister Toshimitsu Motegi said at the signing ceremony, adding that Japan will "ratify this promptly". Japan, as the world's third-largest economic power, is the heavyweight in the group. But the remaining countries regrouped and that culminated in the signing Thursday.

All 11 countries would have to agree before the US could join the partnership. On the campaign trail as a candidate, Trump criticized the trade deal as a means for special interests to "rape" US manufacturers and growers.

"There is no trade agreement involving that number of countries, and one that has 30 chapters which deal with all the most modern topics of worldwide trade", Bartesaghi told AFP.

The U.S. wasn't the only signatory to have its fair share of skeptics.

Then, thousands marched around the country in opposition.

"The CPTPP is the most important trade agreement in the globe and includes 11 of the most significant and dynamic economies worldwide".

Australia's beef exports to Japan have increased by a cumulative $1 billion since its Free Trade Agreement (FTA) came into force, which has resulted in New Zealand losing out on approximately $53 million worth of beef exports to Japan over the same period.

"We have nine pages of new text wrapped around the old text, 22 items suspended - not removed".

The CPTPP agreement leaves the door open for the U.S. to rejoin the club, a step Mr Trump in January hinted he would be open to if the USA could get a "substantially better deal". That sentiment was echoed just last month by Treasury Secretary Steven Mnuchin, who reportedly told an investment summit he has begun to "have very high-level conversations" about the agreement, which "is something the president will consider".

The CPTPP maintains the original regulations but it excludes provisions to protect intellectual property that were imposed by the United States and generated strong rejection by civil society.

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

The deal comes in the same week that Trump has risked a global trade war over his decision to introduce tariffs on imported steel and aluminum. The move, plus his administration's recent push to renegotiate NAFTA, portends ill for any hopes that Trump will reconsider his skepticism of free trade agreements.

Under the deal, service providers will be able to compete for some government contracts in other member states for the first time, including in Singapore. "Mexico does have other options - they may not be ideal, but they're options that weren't available 25 years ago".

Eleven countries are expected to sign a landmark Asia-Pacific trade agreement in Santiago on Thursday, as an antidote to the increasingly protectionist bent of the United States, which past year pulled out of the pact.

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