Pacific Rim nations fight to save TPP trade pact

HANOI: in February last year, but cannot six countries with a combined 85 percent of the bloc’s total GDP.

The deal goes further than most existing free trade pacts, with labour laws, environmental protections and intellectual property rights touted as a new gold standard for global trade.

It promised to transform smaller economies such as Vietnam by offering unprecedented access to the world’s top economies.

Balance of power

The deal was also seen as a way to counter Beijing’s regional economic dominance.

Reviving the TPP, even without the heft of the world’s biggest economy, would still provide ballast against China, analyst Alex Capri told AFP.

“The Chinese would not be particularly pleased to see the TPP go ahead even without the United States,” said Capri, a senior fellow and professor at the National Uni- versity of Singapore.

He did not rule out the eventual return of the United States to the -

The TPP ministers met on the sidelines of a gathering of trade min - ration for their November summit.

Lighthizer was also scheduled to meet one-on-one with several ministers, including those from China, Canada and Mexico.

The Reagan-era trade veteran has been tasked with renegotiation of the North American Free Trade deal Trumped promised to pull out of, though he later backpedalled after speaking to the leaders of Canada and Mexico.

The Trump administration has said it is seeking bilateral agreements rather than sweeping free trade pacts, and is pushing for fair trade with partners and not just free trade.