TPP TALKS REACH CRITICAL POINT
Japan wants to reach an agreement in principle, Canada says won’t be rushed
TALKS on pushing ahead the Trans Pacific Partnership (TPP) trade deal without the United States reached a critical point yesterday as ministers from the 11 countries discussed a proposed agreement in principle.
Meetings over the TPP, ditched by US President Donald Trump in one of his first acts in office, have been held on the sidelines of Asia Pacific Economic Cooperation (Apec) meetings, here.
Clear agreement on proceeding without the United States would be a boost for the principle of multilateral free trade pacts over the bilateral deal-making that Trump favours.
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.
“We have collectively reached the stage where we can discuss a proposal for a final package for an agreement in principle of the TPP,” Japanese Economy Minister Toshimitsu Motegi told ministers from the other countries.
“I would like to emphasise once again the importance of reaching an agreement in principle right here.”
Motegi said negotiators had tried to reach a conclusion satisfactory to all, “or put in a different way, a conclusion that makes everybody equally unhappy.”
As ministers left a first meeting yesterday, they said more discussions were needed.
“We’ve got more work to do, but we are inching closer to an agreement so I remain very hopeful,” said Australian Trade Minister Steven Ciobo. Mexican Economy Minister Ildefonso Guajardo said talks were “very productive”.
Mexico’s position, like that of Canada, is complicated by the fact that is also renegotiating the North American Free Trade Agreement (Nafta) with the Trump administration.
Canada, whose economy is the second biggest among the TPP-11 after Japan, said on Wednesday it would not be rushed into a revived TPP deal.
Among options being discussed by TPP countries was whether to suspend some provisions of the original agreement to avoid having to renegotiate it and potentially to entice the US back in the long term, said officials.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed has said suspending some provisions will avoid a protracted and painful renegotiation.
Trump and other Apec leaders, including Chinese President Xi Jinping and Russian President Vladimir Putin, will meet, here, today.
Talks on a joint communique from Apec leaders had been held up by wrangling over US demands for changes to the language used concerning issues such as free trade and protectionism, said officials. Agencies