Pacific trade pact aims to boost exports

Pacific trade pact aims to boost exports”

Canadian Prime Minister Justin Trudeau told a meeting at the World Economic Forum global summit in the Swiss Alps that the new deal shows TPP members are pushing back against protectionism.

Ministers from the 11 countries, including Japan, Australia and Canada, agreed in November on core elements to move ahead without the United States, but demands by countries including Canada for measures to ensure the deal protects jobs blocked a final agreement.

"A quarter of our exports go to the countries of the TPP 11, including Japan, Canada, Mexico, Malaysia, Singapore, and others".

The agreement comes amid worries that Trump will pull the USA out of the North American Free Trade deal.

Farmers are applauding announcement of a new Trans-Pacific Partnership trade agreement.

Eleven countries aiming to forge an Asia-Pacific trade pact after the United States pulled out of an earlier version will sign an agreement in Chile in March, Japan's economy minister said on Tuesday, in a big win for Tokyo.

Despite difficulties after Trump announced he would pull out of TPP, "we stuck with it".

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New Zealand Prime Minister Jacinda Ardern likewise said it was a step toward finalising an agreement.

Access to Canada and Mexico would be moderately beneficial but trade agreements were already in place with the other countries, "so the market access gains are at the margin", she said.

Canada returned its backing to the TPP after nearly pulling off a Trump last November in a bid to protect its cultural industries, such as movies, TV and music. Investor-state dispute mechanisms allow corporations to challenge environmental regulations and could put a chill on governments trying to fight climate change.

The agreement follows two days of high-level talks in Tokyo and was confirmed by Canadian International Trade Minister Francois-Philippe Champagne.

Unifor head Jerry Dias said that at a time when Canada is facing U.S. demands at Nafta to increase the North American content of autos from the current 62.5%, the new TPP deal would allow the duty-free import of parts which contained a maximum of 35% of components from member nations.

The breakthrough came on the same day that negotiators started the sixth and penultimate round of talks on Nafta, which US President Donald Trump has repeatedly threatened to abandon.

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