Pacific trade deal reached but leaders won't endorse it yet

Federated Farmers are amongst those praising the deal to come out of APEC

Federated Farmers are amongst those praising the deal to come out of APEC

However, it was so far not clear if the countries' leaders would formally endorse the agreement or when it would be implemented. But on Saturday the other TPP nations said they had agreed on core elements of a revised version of the TPP - without the United States of America.

A news conference was scheduled for later Saturday morning Vietnam time.

Over the last few months, Japan and Australia had lobbied hard for the agreement.

"We won't have a conversation about where party support will fall, until we have a final agreement", she said.

Canada's interest in becoming a party to TPP-11 is also said to be contingent on several additional improvements including in relation to the auto sector (in view of the fact that USA content may not count in the determination of TPP-11 origin requirements, with the US being outside of the TPP), intellectual property rules, protection of supply management in certain agricultural sectors and Canada's cultural industries.

Vietnam's Trade Minister Tran Tuan Anh told reporters in the coastal resort city of Danang on the sidelines of the Asia-Pacific Economic Cooperation forum: "We have reached an agreement on a number of fundamental parts".

They also changed the trade accord's name to the unwieldy Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP. He said that Canada would like to "carve out elements of their broadcast policy, for example, to allow for French-speaking language".

National will support the renegotiated TPP trade deal as good for New Zealand, leader Bill English says. Late Thursday, there had been "no distance between the parties", he said. The clock is running down for USA pork.

"I wasn't going to be rushed into a deal that was not yet in the best interest of Canadians". They could only sue in the government's domestic courts. The CPTPP will take effect 60 days after six of the 11 member countries ratify the deal.

Trump feared the TPP trade deal would take jobs away from the U.S., and wanted to focus on America First policies.

Increasingly, APEC summits have become more of an opportunity for such side talks, and for host nations to showcase their growing affluence.

The 11 countries remaining in the trade pact rejected by Mr Trump in January have been working to revise the deal to allow them to proceed without USA involvement.

In contrast, the Chinese president, Xi Jinping spoke directly and stressed on how "openness brings progress". If Washington presses for a bilateral free trade agreement, Tokyo can use the CPTPP pact as a bulwark against any unreasonable demands, arguing that it is in no position to make any concession beyond what it did in the multilateral deal. Unlike the TPP trade pact, whose decisions will eventually be enforced, APEC's statements are nonbinding.

But even talks this week on a declaration to cap the APEC summit had to be extended for an extra half day as ministers haggled over wording.

It needs to be recognised that trade is the way developing countries have moved up the income ladder.

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