Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Asia-Pacific nations sign sweeping trade deal without U.S

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/08/2018 | 09:56pm CEST
Canada's International Trade Minister Francois-Phillippe Champagne wears a pin before a signing agreement ceremony for the TPP trade deal, in Santiago

SANTIAGO (Reuters) - Eleven countries including Japan and Canada signed a landmark Asia-Pacific trade agreement without the United States on Thursday in what one minister called a powerful signal against protectionism and trade wars.

The deal came as U.S. President Donald Trump vowed earlier in the day to press ahead with a plan to impose tariffs on steel and aluminium imports, a move that other nations and the International Monetary Fund said could start a global trade war.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will reduce tariffs in countries that together amount to more than 13 percent of the global economy - a total of $10 trillion in gross domestic product. With the United States, it would have represented 40 percent.

"Today, we can proudly conclude this process, sending a strong message to the international community that open markets, economic integration and international cooperation are the best tools for creating economic opportunities and prosperity," said Chilean President Michelle Bachelet.

Heraldo Munoz, Chile's minister of foreign affairs, said he expected Chile's trade with China, its top trading partner, to continue growing alongside trade with CPTPP countries.

Even without the United States, the deal will span a market of nearly 500 million people, making it one of the world's largest trade agreements, according to Chilean and Canadian trade statistics.

The original 12-member agreement, known as the Trans-Pacific Partnership (TPP), was thrown into limbo early last year when Trump withdrew from the deal three days after his inauguration. He said the move was aimed at protecting U.S. jobs.

The 11 remaining nations finalised a revised trade pact in January. That agreement will become effective when at least six member nations have completed domestic procedures to ratify it, possibly before the end of the year.

"We are very hopeful like others that we will see the CP TPP coming into effect about the end of the year or shortly thereafter," said Australia Trade Minister Steven Ciobo.

'THE WAY FORWARD'

The revised agreement eliminates some requirements of the original TPP demanded by U.S. negotiators, including rules to ramp up intellectual property protection of pharmaceuticals. Governments and activists of other member nations worry the changes will raise the costs of medicine.

The final version of the agreement was released in New Zealand on Feb. 21. The member countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

"We're proud ... to show the world that progressive trade is the way forward, that fair, balanced, and principled trade is the way forward, and that putting citizens first is the way forward for the world when it comes to trade," Canadian Trade Minister Francois-Phillippe Champagne said.

In January, Trump, who also has threatened to pull the United States out of the North American Free Trade Agreement, told the World Economic Forum in Switzerland that it was possible Washington might return to the TPP pact if it got a better deal. However, New Zealand's trade minister said that was unlikely in the near term, while Japan has said altering the agreement now would be very difficult.

On Thursday, Munoz said CPTPP was not an agreement against anyone and several governments had said they want to join it.

Trump vowed on Thursday to impose a 25 percent tariff on steel imports and 10 percent tariff on aluminium imports, although he said there would be exemptions for NAFTA partners Mexico and Canada.

He announced the plan for tariffs last week, rattling financial markets.

Mexican Economy Minister Ildefonso Guajardo, in Santiago for the CPTPP signing, told Reuters he would not allow the United States to use the tariffs to pressure it in the NAFTA talks. Champagne told Reuters that Canada would not accept duties or quotas from the United States.

(Reporting by Dave Sherwood; Writing by Dave Sherwood and Caroline Stauffer; Editing by Bill Trott and Paul Simao)

By Dave Sherwood and Felipe Iturrieta

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
01:30pFacebook not protecting content moderators from mental trauma - lawsuit
RE
01:29pECOSOC UNITED NATIONS ECONOMIC AND SOCIAL COUNCI : ‘Face the Forces That Threaten Us’ With Courage, Conviction of Nelson Mandela, Secretary-General Tells Peace Summit Honouring Former South African President
PU
01:29pECOSOC UNITED NATIONS ECONOMIC AND SOCIAL COUNCI : Nelson Mandela Embodied Values of Peace, Human Dignity, Secretary-General Says at Unveiling of United Nations Headquarters Statue
PU
01:24pEUROPEAN UNION : ESMA monitors volatility in financial markets
PU
01:16pU.S.-North Korean Relations Have Improved, CIA Chief Says
DJ
01:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
01:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
01:13pGold Prices Increase on Falling Dollar
DJ
01:09pNORTHERN IRELAND EXECUTIVE : Chief Vet calls for vigilance after Bluetongue detected in cattle imported to GB (external link opens in a new window / tab)
PU
12:54pWORLD BANK : 20 Global Companies Announce New Commitments to Help Address the Refugee Crisis
PU
Latest news "Economy & Forex"
Advertisement