WELLINGTON: Details of a revamped cross-Pacific pact aimed at slashing trade barriers were released on Wednesday amid a renewed push for the United States to rejoin the 11-nation deal. New Zealand unveiled the official text of the Trans-Pacific Partnership, or TPP-11, which had to be redrawn after Donald Trump rejected it last year just days into his presidency.
The nation’s Trade Minister David Parker said changes to the original document included the suspension of 22 items relating to areas such as intellectual property and taxpayer subsidised medicine.
Japan’s chief negotiator Kazuyoshi Umemoto welcomed the TPP as “quite befitting the 21st century”, calling it “a high standard, rule-based, multilateral, liberal trading system, which should be the foundation for the future of the Asia-Pacific region’s prosperity and stability”.
“We very much hope that there will be no hiccups last minute before the signatures,” he added.
Australian Trade Minister Steve Ciobo said the landmark agreement would eliminate more than 98 per cent of tariffs in a trade zone with a combined GDP of some $13 trillion.
“The (Malcolm) Turnbull government wants to see this landmark agreement enter into force as soon as possible so Australian farmers, businesses and manufactures can enjoy its benefits,” he said.
The 11 TPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Together they account for about 13.5 per cent of the global economy.
However, that figure would be closer to 40 per cent if the United States was included, an outcome some lawmakers in Trump’s own Republican party are reportedly pushing for.
The Washington Post said on Tuesday that 25 Republican senators had written to Trump urging a rethink. — AFP
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