Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 1 hour, 22 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
Hopes fade for TPP breakthrough in Vietnam
November 11, 2017
 Print    Send to Friend

DANANG: Talks in Vietnam to resurrect a landmark Pacific trade deal rejected by the Trump administration remained deadlocked on Friday, as Canada was accused of stalling for time and hampering the prospects of a breakthrough deal at a regional summit.

The Trans-Pacific Partnership (TPP) was initially a US-led project between 12 nations accounting for 40 per cent of global GDP, but deliberately excluding Washington’s regional rival China.

It was thrown into disarray when US President Donald Trump abruptly pulled out of the deal at the start of the year, dismaying allies including Japan, Australia, Canada and Vietnam.

Hopes had been high that the remaining countries − dubbed the TPP-11 − would be able to hash out a new deal on the sidelines of the annual APEC summit in Vietnam.

They are keen to show the deal can still go ahead without the world’s largest economy.

But three days of talks have made little headway, despite premature reports late Thursday that an interim deal had been struck.

Chile’s foreign minister Heraldo Munoz said negotiators almost had an agreement nailed down until a last-minute intervention by Canadian Prime Minister Justin Trudeau.

“The Prime Minister of Canada has asked for more time,” he told reporters on Friday afternoon, adding that among the demands Ottawa was pushing for were stronger intellectual property protections.

Shinzo Abe, Japan’s Prime Minister, later confirmed to Japanese media that the TPP meeting had been postponed as Canada “was not at a stage where it could confirm the broad agreement among ministers”.

- ‘Gold standard’ - The original TPP deal was once described by the US as a “gold standard” for all free trade agreements because it went far beyond just cutting tariffs.

It included removing a slew of non-tariff restrictions and required members to comply with a high level of regulatory standards in areas like labour law, environmental protection, intellectual property and government procurement.

Canada is keen to strengthen those progressive provisions.

But they are much less attractive to countries like Vietnam, Malaysia, Chile and Peru now that the carrot of access to the US market has been pulled.

Japan, the world’s third largest economy, is leading the charge to revive the TPP, concerned that delays could lead to the eventual collapse of the pact.

But there has been much confusion over the progress of talks in Danang, with a string of cancelled press conferences and conflicting statements.

Agence France-Presse

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
Stocks flash red ahead of Trump speech
LONDON: The screens of stock traders were awash in red on Tuesday ahead of a key speech by US President Donald Trump and a deluge of company and economic announcements. ..
Trump says America open for business
DAVOS: Declaring that America is open for business under his leadership, President Donald Trump told a wary gathering of political and business elites on Friday that the ..
EU stocks recover as Wall Street bounces back
LONDON: European stock markets recovered from their lows on Thursday, helped by a bounce on Wall Street which was pleased with progress on US President Donald Trump’s tax..
US, China sign around $250b business deals
BEIJING: US companies, from chip giant Qualcomm to aircraft maker Boeing, announced a slew of deals on Thursday during US President Donald Trump’s visit to Beijing. The d..
Trump tax reform hopes boost dollar, stocks
LONDON: European stocks, the dollar and bond yields climbed on Friday as investors speculated that the “Trumpflation trade” could be back in play, after the US Senate ap..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright