11 other nations to continue TPP
US President Donald Trump’s decision to pull out of the Trans-Pacific Partnership is prompting other member countries to seek ways to salvage the trade pact.
Leaders of some of the 11 other nations involved in the initiative said they hope to push ahead with the agreement in some form, with or without the US.
Australian Prime Minister Malcolm Turnbull said Tuesday he had discussed the pact’s future recently with the prime ministers of Japan, Singapore and New Zealand, all TPP members, and believes the pact could survive without the US.
“Losing the United States from the TPP is a big loss, there is no question about that,” Turnbull told reporters. “But we are not about to walk away from our commitment to Australian jobs.”
Trump says he favors one-onone agreements with other nations rather than multinational pacts like the TPP, which would have included markets comprising 40 percent of world GDP and was eventually meant to be the foundation for a wider pan-Pacific trading bloc.
As expected, on Monday the new president officially abandoned the trade deal in one of his first acts after taking office.
Advocates of the TPP said it would set a “gold standard” for modern trade rules, with stringent requirements for in- tellectual property, labor and environmental protections. A key goal was to lead in shaping trade rules for this century, and also to counter the growing influence of China, which is not part of the pact.
Critics said the TPP would put corporate interests ahead of public and national sovereign interests.
The US about-face on the deal is a setback for leaders of other TPP countries who invested political capital in fighting to get it ratified.
That includes Prime Minister Shinzo Abe, who told lawmakers during parliamentary debate that he hoped to gain Trump’s “understanding” on the TPP’s importance. Abe has said he hopes to meet with Trump as soon as possible.
Japan completed the TPP ratification process last week, well aware Trump planned to drop out. Abe said its goals were still important for Japan and the TPP could be a model for trade deals with other nations, including those in Europe.
The remaining 11 TPP members will meet to discuss the next steps, said Malaysia’s Second Trade Minister Ong Ka Chuan.
“Twelve countries signed the (TPP), but now one wants out. The other 11 can continue by making change to the clauses. There are many possibilities that these 11 countries can still proceed with,” the Bernama news agency quoted him as saying.