China touts its own trade pact as US-backed TPP withers

The China Daily, the official state-run English-language newspaper, said many Chinese commentators were revelling in the demise of the TPP, and called it an “excessively complex” deal that was “doomed from the start”.

BBC report says China is the biggest victor, as it lists out the winners and losers following US President-elect Donald Trump’s decision to dump the TPP.

Negotiations closed in October 2015 and the formal agreement – published in November 2015 – looks at reducing trade barriers like eliminating certain tariffs for the signatories while setting standards for their economic dealings with each other, aimed at potentially creating a new single market, like the European Union. “At such a critical time, America’s farmers and ranchers need this agreement as a platform for expanding global markets for years to come”.

“The United States isn’t an island”.

U.S. President-elect Donald Trump is shown at his election night rally in Manhattan, New York, U.S., November 9, 2016. “But naturally, we’re a bit disappointed”. It requires the ratification of at least six countries accounting for 85 per cent of the combined GDP of the member nations.

The United States is 60 percent of the combined GDP of that group and Japan less than 20 percent, so those conditions can not be met without US participation.

Indeed the United States pulling out of the TPP could position China to step up as a leader in global trade: China, Japan and South Korea are reportedly already beginning to plan a trilateral trade agreement.

“Obama was not a supporter of the TPP when he became elected and he’s leaving office as one of its greatest advocates”, Turnbull told reporters in Lima, Peru.

“You’ve got other countries with significant economies, and growing economies, where the United States already does business, but U.S. businesses and USA workers are going to be put at a disadvantage because we don’t benefit from the kinds of opportunities that are created by the TPP”, he said.

Other TPP members include Chile, Mexico, Canada, Peru, Brunei, Malaysia, Singapore, Vietnam and Australia.

A free trade deal with Japan would be good for resource industries including wood, seafood, canola and pork, Beck said. “We had a Republican Congress and a Democratic president who wanted to pursue this”, Priest said.

Geng said all parties in the Asia-Pacific should have a say in regional matters, rather than just one country setting the agenda, and repeated that the issue of free trade should not be politicized.

As for other bilateral FTAs, Trump would likely push for more benefits for his country, which could prove to be challenging for other bilateral partners.