Full text of CPTPP released

Japan's chief negotiator for the Trans Pacific Partnership, Kazuyoshi Umemoto attends a news conference at the Foreign Correspondents' Club of Japan in Tokyo Japan
Revised TPP agreement to be released
Author

22 February, 2018

The United States may be interested in rejoining discussions to have the USA engage in the Trans Pacific Partnership.

"Increased economic engagement with the 11 nations now in TPP has the potential to substantially improve the competitiveness of US businesses, support millions of U.S.jobs, increase USA exports, increase wages, fully unleash America's energy potential and benefit consumers", the letter said. The agreement is expected to be signed in Chile on March 8.

The nine-page agreement incorporates the original TPP minus a list of provisions the countries agreed to suspend after President Trump withdrew the US from the TPP last January.

Trump withdrew from TPP in his first week in office after calling the trade deal a "disaster" and "rape of our country" during his presidential campaign. "If we did a substantially better deal, I would be open to TPP".

"Under the CPTPP, Canadian exports to the United States are not expected to change significantly as the United States is not party to the CPTPP".

Earlier Thursday, President Trump issued a largely symbolic proclamation, ordering that flags be flown at half staff at U.S. embassies, government buildings and military installations."Our nation grieves with those who have lost loved ones in the shooting at the Marjory Stoneman Douglas High School in Parkland, Florida", he said. They feared the USA was giving up its leadership role and ceding even more power to China.

Japan's chief negotiator for the Trans Pacific Partnership, Kazuyoshi Umemoto attends a news conference at the Foreign Correspondents' Club of Japan in Tokyo Japan

While Trump indicated at last month's annual meeting of the World Economic Forum in Davos that the USA might be interested in rejoining if offered a better deal, Parker said today there was "unlikely in the next few years".

But Parker said it had managed to address those concerns, in part with new laws that will restrict the sales of New Zealand homes to foreign buyers. Trump has stated he is against the agreement unless the US were to "receive a better deal" and even signed an executive order to begin the process of removing the USA from TPP negotiations in January 2017.

"Signing the TPP will have huge benefits for New Zealand exporters and that's why we worked so hard for so many years to get the agreement over the line - in spite of fierce opposition from Labour and NZ First", Mr McClay says.

Whereas the NIA for the TPP estimated "at least" an additional one percent increase to GDP at full implementation ($2.7 billion), the CPTPP analysis estimates an increase of between 0.3 percent ($1.2b) and one percent ($4b).

The countries, which include Japan, Canada and Australia, intend to sign the deal in March.

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