Archive for January 2017
Life and living duty surely affect every aspect of your activities. So I did go away from here for quite a long while. A lot of happenings during my absence. Now I am back and like to say hello and greet all friends who follow my blog.
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Have a happy 2017 with good health and successes in your pursuit of happiness!
CANBERRA, Jan. 24 (Xinhua) — Australia will work with the remaining Trans-Pacific Partnership (TPP) nations and look to other nations to salvage what it can of the doomed free trade agreement after U.S. President Donald Trump’s overnight decision to withdraw from the deal, Trade Minister Steve Ciobo said.
Following Trump’s decision to axe America’s involvement, effectively leaving the deal in its current form ‘dead in the water’, Ciobo has already said other nations which were a part of the original deal had opened up discussion lines about a potential replacement, as the Trump decision was “not unexpected”.
“We are not going to walk away from pursuing high quality trade deals that are good for Australian exports,” Ciobo told Sky News on Tuesday.
He said there was a possibility that a “TPP 12 minus one” deal, which would involve the remaining 11 signatories, could get off the ground as the Australian government had been in close contact with representatives from the original TPP nations.
“A number of us had a conversation about a possible ‘TPP 12 minus one’ in other words, the Trans-Pacific Partnership minus the United States in order to keep hold of the gains we’ve been able to agree (upon),” Ciobo told the Australian Broadcasting Corporation (ABC) on Monday.
“I’ve had conversations with Canada, Japan, Mexico, with New Zealand, Singapore and Malaysia. I know there have been conversations with Chie and Peru.
“There are quite a number of countries that have an interest in looking to see if we could make a ‘TPP 12 minus one’.”
The Trade Minister also hinted at the possibility of introducing a new, or multiple new nations, into the agreement; he told the ABC there has been interest from Indonesia, while China may also be approached.
“The original architecture was to enable other countries to join,” Ciobo said.
“Certainly I know that Indonesia has expressed a possible interest. And there would be scope for China if we’re able to reformulate it to be a ‘TPP 12 minus one’ for countries like Indonesia or China – or indeed other countries – to consider joining.”
However, he said, it may be some time before formal discussions about the matter take place, considering Trump was also keen to “renegotiate” the existing North American Free Trade Agreement.
“President Trump has indicated he wants to renegotiate elements of the North American FTA, and that would have an impact on Canada and Mexico, which in turn would have an impact on the kind of deal we could reach under the ’12 minus one’,” Ciobo said.
Despite the optimism from the government on the matter, the federal opposition has urged the government to “move on” from the doomed multilateral trade deal; opposition spokesperson Jason Clare said
“This executive order means the TPP is now officially dead,” Clare said. “(Prime Minister) Malcolm Turnbull’s credibility is not in much better shape.”
“Last week he announced that his big economic plan for the year was to introduce legislation to implement the TPP. Donald Trump’s executive order today means Malcolm Turnbull’s big economic plan is also dead. It would have no effect at all.
“It’s time for Malcolm Turnbull to wake up and move on, and develop a real economic plan for Australia.”
contributed by Kok Sap
First full day as President, Mr Trump just killed TPP today,January 23,2017. This snow ball effect which will,in fact, impact other trade agreement that US made with its neighbors during President Clinton administration. As promised, President signed the withdrawal today. Thus it currently can not be ratified due to U.S. withdrawal from the agreement today.
The Trans-Pacific Partnership (TPP) or Trans Pacific Partnership Agreement (TPPA) is a trade agreement among eleven of the Pacific Rim countries—notably not including China. The finalized proposal was signed on 4 February 2016 in Auckland, New Zealand, concluding seven years of negotiations.
(The former Obama administration claimed that the agreement aimed to “promote economic growth; support the creation and retention of jobs; enhance innovation, productivity and competitiveness; raise living standards; reduce poverty in the signatories’ countries; and promote transparency, good governance, and enhanced labor and environmental protections.)
” The TPP contains measures to lower both non-tariff and tariff barriers to trade and establish an investor -state dispute settlement or investment court system is a system through which individual companies can sue countries for alleged discriminatory practices.”