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Nations Gather in Chile to Sign New Version of TPP, Without US

09 March 2018

But what is the CPTPP and how will it impact the Australian economy? The deal is aimed at reducing import taxes and putting in place trade rules for member nations.

Malcolm Turnbull also hailed the signing of the restructured Trans-Pacific Partnership as a vital win for Australian industry and attacked Labor for giving up on the deal when Donald Trump pulled the United States out of the pact.The TPP-11, as it is now known after the departure of the USA, was signed by Ciobo in Chile on Friday. Analysis undertaken for the Japan-Australia agreement reveals a wide and concerning gap compared to the Commission's view of rigorous assessment. The resuscitated deal is undeniably weaker without the participation of the world's biggest economy, but it serves as a powerful sign of how countries that have previously counted on USA leadership are now forging ahead without it.

Elimination of all tariffs on sheepmeat, cotton and wool. -South Korea trade agreement.

What does it mean for Australia?

MLA general manager - worldwide markets, Michael Finucan said the CPTPP agreement will eliminate Mexico's 10 percent sheep meat and goat meat tariffs within eight years.

Europe's steel industry
GETTYExperts fear the move could spark a trade war between the European Union and the US

The U.S. wasn't the only signatory to have its fair share of skeptics.

"March 8 is a symbolic day as we saw exactly opposing moves", said Junichi Sugawara, a trade policy expert at the Mizuho Research Institute.

"We recognise that trade can be a force for good around the world, for example by raising environmental and labour standards, or enforcing commitments to reform fisheries subsidies". "It is extremely hard to have renegotiations" only on some parts of the pact, he said.

He said Australian farmers, manufacturers, service providers and small businesses would be the big winners...

It has signed side letters with five of the countries excluding ISDS clauses.

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"It better links us to four of New Zealand's top 10 trading partners in Australia, Japan, Singapore and Malaysia, which account for 30% of New Zealand goods that are exported".

Despite the absence of the US, Mustapa believes Malaysia still stands to gain from market access to countries like Canada, Peru and Mexico with whom we now do not have preferential trading arrangement.

"While disheartened, FDRA will continue to support efforts for USA bilateral free trade agreements with these and other nations in hopes we can keep hammering away at footwear duties, which reached $2.88 billion on our industry in 2017".

On the issue of reform, Moody's said because the lower trade and non-trade barriers under CPTPP were conditional on country-specific reforms, the agreement would help sustain domestic reform momentum. New Zealand, Peru, Singapore and Vietnam are also included. The Australian Council of Trade Unions, for instance, called the CPTPP "a raw deal for working Australians", while former New Zealand lawmaker Barry Coates argued that "TPP-11 would override important aspects of our personality" and threaten national sovereignty.

Japan, the world's third-largest economic power, is one of the heavyweight members of the deal. From Japan, Toshimitsu Motegi, economic revitalization minister, took part in the talks.

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Chilean Foreign Minister Heraldo Munoz said the deal sent a powerful signal that worldwide trade was still very much alive.

The renegotiated pact signed in Chile's capital was also renamed the Comprehensive and Progressive Trans-Pacific Partnership, or CPTPP.

The ministerial statement for the agreement can be found here.

He says there is now very little risk of New Zealand being sued.

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Nations Gather in Chile to Sign New Version of TPP, Without US