Tags: TPP | Members | Agreement

Trans-Pacific Partnership Members Aim to Push Ahead With Agreement

Image: Trans-Pacific Partnership Members Aim to Push Ahead With Agreement

Australian Prime Minister Malcolm Turnbull speaks during the 71st session of the United Nations General Assembly, Wednesday, Sept. 21, 2016, at U.N. headquarters. (AP Photo/Frank Franklin II)

By    |   Tuesday, 24 Jan 2017 09:10 AM

Member countries in the Trans-Pacific Partnership are aiming to keep moving ahead with the agreement, even though U.S. President Donald Trump decided to pull out of it, CBS News reports.

Australian Prime Minister Malcolm Turnbull said the partnership could work even without the U.S.

"Losing the United States from the TPP is a big loss, there is no question about that. But we are not about to walk away from our commitment to Australian jobs," said Turnbull. 

Turnbull also noted Trump's nominee for secretary of state, Rex Tillerson favors the TPP. The partnership could only take effect if six countries that would account for 85 percent of the members' combined gross domestic product ratified it.

With the U.S. pulling out, that removes 60 percent of the TPP's combined gross domestic product.

CBS News notes Japanese Prime Minister Shinzo Abe said he hopes to meet with Trump to discuss the partnership soon. Japan ratified the partnership last week.

The TPP had covered the U.S. and 11 Pacific Rim countries, not including China. Those in favor of the partnership said it would expand trade and investment, improve labor standards, and help small businesses.

Critics, however, said it would push jobs out of the United States.

The remaining 11 countries will meet to discuss future plans, CBS News reports.

"Twelve countries signed the (TPP) but now one wants out. The other 11 can continue by making change to the clauses. There are many possibilities that these 11 countries can proceed with," said Malaysian Second Trade Minister Ong Ka Chuan.

"Vietnam's main export items to the U.S. include catfish, shrimp, garments, shoes, and wooden products. Without TPP, American consumers will have to pay more for these products," said Vietnamese economist Le Dang Doanh, according to CBS News.

Arizona Sen. John McCain said the exit by the U.S. could lead to an opening for China.

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Member countries in the Trans-Pacific Partnership are aiming to keep moving ahead with the agreement, even though U.S. President Donald Trump decided to pull out of it, CBS News reports.
TPP, Members, Agreement
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2017-10-24
Tuesday, 24 Jan 2017 09:10 AM
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