New TPP deal signed by NZ in Chile

Randolph Lopez
March 10, 2018

SHEEP and goat meat tariffs into Canada and Mexico will be eliminated under the Comprehensive and Progressive Trans-Pacific Partnership agreement signed in Chile today.

A year after an abrupt U.S. withdrawal left a fledgling 12-nation Pacific trade pact for dead, the 11 remaining states will sign a re-vamped deal Thursday aimed at slashing tariffs.

Trump has said he prefers country-to-country deals and is seeking to renegotiate several major trade agreements, including the North American Free Trade Agreement that includes the U.S., Mexico and Canada.

The new arrangement will kick into effect when six members have enacted it domestically, and it has been created to make it easy for the USA or another country to join.

"It leaves the a disadvantage from both a trade and a broader strategic perspective", said Joshua Meltzer, senior fellow in the global economy and development program at the Brookings Institution.

In January, 2017, on just his third day as president, Donald Trump withdrew from the agreement, raising questions about the future and relevance of TPP. "It ensures our country will be part of a critical trade deal", says Katie Milne, Federated Farmers National President.

The CPTPP, transformed from the now-defunct high-standard free trade deal Trans-Pacific Partnership, from which the US walked away in January a year ago three days after President Donald Trump's inauguration, represents a market of 500 million people and accounts for 13.5 percent of global trade.

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It pointed to analysis from the Peterson Institute for International Economics that showed Malaysia nudging Vietnam from the top spot in the CPTPP, which replaced the previous Trans-Pacific Trade Partnership after the United States pulled out.

"Between the 11 countries that are in it, we are saying we're not going to do to each other what the United States is now proposing to do against New Zealand and other countries in respect of our steel and aluminium exports".

America is a notable absentee after President Donald Trump withdrew from the process - this has raised fears that medical products may become dangerously expensive given the advantage TPP potentially offers to U.S. pharma companies.

Canada wouldn't sign a version of the agreement last November but came around after more negotiations. Their largest export markets are China and the United States, but TPP will open up new markets.

That's why some in the bloc are still keen to get the US back in on the deal, but a senior Canadian official reportedly said this week that the USA wouldn't receive any fast-track access or preferential treatment if it settles on squeezing back in.

The government had sought for years to join the TPP, to no avail.

Other reports by GlobalViralNews

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