Saturday, 21 July, 2018

Trans Pacific Partnership-11 leaders failed to meet

Prime Minister Malcolm Turnbull will travel to Vietnam for the APEC leaders' summit Prime Minister Malcolm Turnbull will travel to Vietnam for the APEC leaders' summit
Melissa Porter | 10 November, 2017, 12:30

The 11 countries remaining in the Trans-Pacific Partnership were expected to endorse a basic agreement at the Asia Pacific Economic Cooperation summit in Vietnam on Friday.

"We want to maintain the high standard and find a way to seal the deal between the 11 countries", Japanese Economy Minister Toshimitsu Motegi said last week.

Instead, he has said he prefers bilateral agreements with individual nations, thus raising the stakes of USA -driven bilats at APEC and ASEAN in coming days.

The official said the countries should take more time to get the whole deal right - and to raise the bar.

Regarding Canada's participation in the Trans-Pacific Partnership (TPP) agreement, PM Trudeau affirmed that Canada attaches importance to worldwide trade collaboration as it helps generate jobs, boost economic development and improve people's living conditions.

The push to salvage a Pacific Rim trade pact will come to a head this week as nations diverge on whether it should be preserved, abandoned or renegotiated from scratch after President Donald Trump pulled the USA out of the deal.

But while Japan has been lobbying hard for a quick agreement to move ahead, Canada, New Zealand and Malaysia are among countries that have appeared less enthusiastic to hurry.

Reports this morning from ministers at Apec in Vietnam, where the TPP is being negotiated on the sidelines, conflicted as to whether a deal was completed.

"Unfortunately in between that meeting and the meeting of leaders today, Prime Minister Trudeau raised a number of issues which meant that we were unable to the leaders meeting forward today".

There have been speculations about a TPP announcement since the beginning of the APEC summit on Monday. This is a global age, and Asia is the center of growth.

"We've got to go hard on those Asian relationships", said Barton, who led McKinsey operations in Asia and South Korea for almost a decade.

The host suggested that Canada recognise Vietnam as a market economy soon, further open its market further to Vietnamese goods and provide more support for the Vietnamese community.

Canada has hosted talks to save the TPP, and Champagne said he wasn't proposing a full-scale renegotiation.

Eric Miller, a Washington trade consultant, said Canada address these concerns by agreeing to sign on to a mechanism to review the TPP.

A senior government official has said Canadian negotiators are seeking changes to the original TPP in several areas, such as its intellectual-property provisions, cultural exemptions and its impact on Canada's supply management system for dairy, poultry and eggs.

Trudeau told reporters the agreement would also help advance the countries' ongoing dialogue on human rights.