Published: Fri, March 09, 2018
Global Media | By Garry Long

New TPP trade agreement faces protests in Chile

New TPP trade agreement faces protests in Chile

The deal had been on life support after the United States' withdrawal but was resuscitated in January following lobbying from Japan and Australia.

The pact includes 22 provisions that were excluded from the original deal, and that includes the membership of the USA and some of its demands, such as protection of pharmaceuticals.

The suspension of 22 provisions makes this a substantially different deal from the old TPP.

They also welcomed the interest shown by a number of other economies wishing to join the trade bloc, which accounts for 13.5 per cent of the world's gross domestic product. 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.

According to Chilean Foreign Minister Heraldo Muñoz, 'the most important, big and high-standard free trade agreement signed worldwide (.) can give a signal when there are countries that want to close their borders and impose protectionist measures'.

The original TPP would have represented roughly 40% of the world's economic output. But the deal also drew plenty of detractors from the left - including labor union leaders, Sen. "And there are threats to those worldwide trading regimes".

As is known, the CPTPP allows Peru to trade with four new business partners: New Zealand, Brunei, Malaysia, and Viet Nam.

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Then, thousands marched around the country in opposition.

Australia's beef exports to Japan have increased by a cumulative $1 billion since its Free Trade Agreement (FTA) came into force, which has resulted in New Zealand losing out on approximately $53 million worth of beef exports to Japan over the same period.

The CPTPP agreement leaves the door open for the USA to rejoin the club, a step Mr Trump in January hinted he would be open to if the United States could get a "substantially better deal".

Trade Minister Steve Ciobo will join his counterparts from 10 Pacific countries for the signing ceremony in Chile on Thursday. "We welcome it becoming positive toward the TPP".

Trump has also threatened to dump the North American Free Trade Agreement unless the other two members of the pact, Canada and Mexico, agree to provisions that Trump says would boost USA manufacturing and employment.

The European Union said this week that it is ready to retaliate against Trump's tariffs - of 25 percent on imported steel and 10 percent on aluminum imports - with counter-measures against iconic US products like Harley Davidson motorcycles, Levi's jeans and bourbon.

The TPP was a key policy of the former Obama administration's so-called foreign policy pivot to Asia.

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