The Turnbull Government’s hopes of resurrecting the Trans-Pacific Partnership (TPP) trade deal have received a boost, with member nations meeting in Vietnam this weekend to discuss a way forward without the US. From The Australian:
Since President Donald Trump withdrew the US from the deal Japan has shown signs it would back a renewed agreement, giving hope to Australia and New Zealand, which support an Asia-Pacific trade pact.
Japan is the largest economy in the group and its support is viewed as key. Other remaining countries include Brunei, Canada, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam.
After a meeting with New Zealand trade minister Todd McClay in Tokyo, Japanese Economic and Fiscal Policy Minister Nobuteru Ishihara said both countries wanted an agreement with other member states by November.
“What is important now is whether the (remaining TPP) members can share a view about the future direction of the TPP … and we hope to make efforts to reach an agreement (by November),” he said, according to a report in The Japan Times.
I have been a vocal opponent against the TPP from the outset, citing concerns around Investor-State Dispute Settlement (ISDS) – which would open the door to multinational companies suing the Australian Government for implementing rules against their interests (e.g. on environmental, health and safety grounds) – as well as agreed extensions to patent and copyright protections.
That said, with the US now out of the picture – who was the nation driving such clauses – there is at least the opportunity for a more friendly deal to be negotiated between the remaining member countries.
Hence, TPP 2.0, should it come into play, is likely to be far more palatable that the ghastly US-led agreement that proceeded it.
