A massive 11-country trade agreement is due to take effect on Sunday, thereby reshaping trade rules among economic giants like Japan, Canada, Mexico and Australia, but the United States won’t be a signatory to it, meaning that locally-produced foods like California almonds and Welch’s grape juice will remain subject to duties in Japan, for instance. In the meantime, competitors’ products from countries that signed the new Comprehensive and Progressive Agreement for Trans-Pacific Partnership will carry no duties. Japan is meanwhile expected to introduce similar tariff relief for the European Union, in a separate trade agreement. US producers instantly issued a complaint: The deal known as the TPP, proposed by the Obama administration, underlays the US strategy of countering Chinese economic influence, but it was one of the first things President Donald Trump sought … [Read more...] about Trump Fulfills Campaign Promise, Ditches ‘Disastrous’ TPP Trade Deal
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Canada trade minister pushes quick ratification of trade deal with Asia Pacific
Canada's trade minister on Monday signalled that the government will push ratification of the Trans Pacific Partnership quickly through parliament, as stalled North American free trade talks have raised concerns it could lose its privileged access to the US market. "Rapid ratification of the TPP" will mean "farmers, ranchers, entrepreneurs and workers across the country can finally tap into new markets," Trade Minister Jim Carr said in a speech to parliament. Signed in March without the United States, the Trans-Pacific Partnership will come into effect 60 days after ratification by at least six of the 11 signatories -- Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The trading bloc represents 500 million consumers and 13 percent of the world's economic output. Ottawa wants to be among the first six TPP signatories, but is facing pushback from the powerful union representing Canadian auto workers. Unifor wants stricter labor … [Read more...] about Canada trade minister pushes quick ratification of trade deal with Asia Pacific
Reuters: Agreement on world’s biggest trade deal set for November, Singapore says
Source: Focus Information Agency Singapore. Singapore’s trade minister said on Saturday that broad agreement on the world’s biggest trade deal should be reached at a summit of leaders from participating nations in the city-state in November, six years since talks began, Reuters reports. Called the Regional Comprehensive Economic Partnership (RCEP), the trade accord includes the 10 members of the Association of Southeast Asian Nations (ASEAN), Australia, India, Japan, South Korea, New Zealand and the world’s No.2 economy, China. The deal does not include the United States, which is locked in a trade spat with China and pulled out of another broad, international trade agreement in 2017 called the Trans-Pacific Partnership (TPP). The White House said on Friday that U.S. President Donald Trump would skip the November gathering of leaders in Singapore. Asked by Reuters after a meeting of regional economic ministers if participating countries were working toward … [Read more...] about Reuters: Agreement on world’s biggest trade deal set for November, Singapore says
Australia just crushed the dream of a free trade deal and blamed Theresa May’s Soft Brexit
THERESA May’s ‘soft’ Brexit plan will make it impossible for Britain to join the Trans Pacific free trade area, the ex-Aussie Ambassador has declared. Former High Commissioner Alexander Downer said it “wouldn’t be cricket” for the UK to expect to join the bloc while tying itself to EU rules for goods for years to come. He said Japan’s agricultural sector had been forced to make big concessions to enter the free trade area. “It would be unlikely to that the UK will be accepted without meeting the same obligations,” he said. “The Brexit White Paper shows a desire for the UK to remain closely tied to the EU for manufactured and agricultural goods. “In essence it says you want to be free to sell the things you’re good at and protect less competitive areas of your economy. He added: “The UK should not fear embracing free trade – the gains are there to be had – but fair’s fair. Goods will need to … [Read more...] about Australia just crushed the dream of a free trade deal and blamed Theresa May’s Soft Brexit
Quit the EU for better trade deal, Trump reportedly told Macron
Donald Trump suggested to Emmanuel Macron that he pull France out of the European Union in return for a bilateral trade deal, it has been claimed. The offer, aimed at destroying the Europe alliance, was reported to have been made during a private meeting when Macron visited the White House at the end of April. The Washington Post said the US president asked Macron: “Why don’t you leave the European Union?” In return, Trump suggested the US could offer France a substantial bilateral trade deal. The article claimed that Trump promised to give France better trade terms than the EU as a whole gets from the US. The columnist at the Washington Post, Josh Rogin, cited two unnamed European officials as the source of his report, adding that the proposition revealed “a basic lack of understanding of Macron’s views and those of the people who elected him”. It was “an instance of the president of the United States offering an incentive to dismantle an … [Read more...] about Quit the EU for better trade deal, Trump reportedly told Macron