TPP Talks Continue Without the US

The U.S. may be out of the Trans Pacific Partnership, but that doesn’t mean it’s dead.

Galvanized by a need to band together against other trade pacts and a desire to preserve the time, effort and intentions that went into the trade agreement, the 12 TPP countries plus China and South Korea are convening in Chile this week, according to Reuters.

The group will meet to discuss a path forward after U.S. President Donald Trump pulled the U.S. out of the deal as one of his first executive orders. TPP would have eased free trade among the U.S. and 11 Pacific Rim nations, which account for approximately 40 percent of global trade.

Trump’s action followed his “America First” campaign kill any deals he deemed unfair, including TPP and possibly the North American Free Trade Agreement. While the posturing over NAFTA continues, the President has expressed interest in simpler, bilateral agreements that he calls free and fair.

Though the U.S. will be represented at the meeting, the attendee will be the ambassador to Chile rather than the U.S. Trade Representative, who is awaiting confirmation, or another trade official.

It’s not known whether TPP can be salvaged without U.S. involvement. But the countries represented could discuss shoring up other deals with the best parts of TPP in mind.

“The TPP without the United States is very difficult to do, but we can rescue some of the very important things,” Peruvian president Pedro Pablo Kuczynski, told the Wall Street Journal.

Rather than forge ahead with separate deals, some members of the group may simply be hoping that if they’re able to keep momentum going on the deal, it will survive long enough to wait out the current political climate in the U.S.

Though China’s envoy to Latin America will be in attendance, the country’s spokesperson says the media has miss characterized its intentions.

“The meeting is not as some media have said a TPP meeting,” said Hua Chunying during a press briefing, adding that it’s a brainstorming event related to the Asia Pacific region in general. “When it comes to TPP, China’s position has not changed.”

Some U.S. government officials may have hopes of their own for this meeting, according to Akira Amari, former Japanese cabinet member. They think that a “TPP minus one” deal could be enough to incite businesses to lobby the U.S. government into reconsidering participation in the pact, The Japan Times reported.

 

 

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register

Recent News

Retail Roundup: Target Hits Snooze, Amazon and Warby Parker Test New Models

Print PDFPrint PDFWhen times are tough, companies are more willing to test new ideas and Target, Warby Parker and Amazon are pushing the boundaries of traditional retail. Target gets in bed with Casper After failed attempts at an acquisition, Target has instead invested in Casper...

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more

J.Crew to Get Cheaper as Drexler Admits to Missing the Mark

J.Crew has been shifting in its seat trying to adjust to a new normal of shrinking sales and growing debt, but nothing has quite yet paid off, so the company is cutting its prices.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more

Around the Web: Kid’s Apparel, Bankruptcy Comebacks and “Made in China’s” New Face

This week, consumers called for better children's apparel, retailers turned internally to remedy their financial woes and apparel incubators improved China's manufacturing sector.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more

Infographic: What do Consumers Really Think About Sustainability Anyway?

Whether and how much consumers care about sustainability may be an ongoing question the industry wants an answer for, but one thing that’s clear is that though some consumers do care, sustainability isn’t the first thing they think of.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more

Shuffle Board: Gymboree Taps Former Tilly’s Exec as CEO, J.C. Penney Hires New EVP, Wolford Creative Director Exits

Gymboree tapped former Tilly's executive Daniel Griesemer as its new CEO, JC Penney appointed Marci Grebstein as its new EVP and Wolford creative director Grit Seymour is leaving the company.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more