Japan and other remaining members of the Trans Pacific Partnership will this weekend decide how to revive the trade agreement ditched by U.S. President Donald Trump.
Their trade ministers will talk on the sidelines of an Asia-Pacific Economic Cooperation (APEC) meeting in Hanoi, Vietnam, where newly appointed U.S. Trade Representative Robert Lighthizer is also due to give more detail of Washington’s trade plans.
Uncertainty over those plans after Trump abandoned a trade deal he had compared to the “rape” of America has brought fears of protectionism and strengthened China’s leadership credentials in Asia.
Support has built among the so-called TPP-11 for pushing ahead without the United States although trade within the smaller block is only a quarter of that between the original 12 members, according to the most recent data.
Moving ahead could help the bargaining position of the members in bilateral talks with the United States.
It could also undercut the increasing regional dominance of China, which is not part of the TPP and backs a bigger but less comprehensive free trade agreement for Asia.
“We’ll be looking to see whether TPP ministers say they are definitely pushing ahead by simply by changing the articles,” said Alan Bollard, executive director of the APEC Secretariat.
via CNBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019