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“Time is of the essence or the doors may soon close on opportunities in the some of the largest and fastest growing economies in the TPP region.”
Ambassadors from South Korea, Vietnam and Australia are keen to keep at least portions of the Trans-Pacific Partnership alive, even if it means moving forward with a regional agreement that excludes the U.S. and includes the eleven other Asia-Pacific countries, as well as others.
The country's trade minister, Steven Ciobo, said next week's summit “will continue to lay down markers about the new administration’s approach.”
The U.S. has confirmed it will send a representative to a trade summit in Chile on March 14-15, according to a spokeswoman from the Chilean Ministry of Foreign Affairs, though the U.S. has yet to say who it will be.
“It would be quite beneficial for Australia and New Zealand to show some confidence that this could be moved forward.”
An Australian legislative committee tasked with reviewing the Trans-Pacific Partnership has recommended that the parliament not consider ratifying the trade agreement due to the United States' withdrawal, while also noting that the potential exists for a replacement regional deal in the Asia-Pacific without the U.S.
“There cannot be conflict between China and the United States, as both sides will lose and both sides cannot afford that.”
“There cannot be conflict between China and the United States, as both sides will lose and both sides cannot afford that.”
The trade minister for New Zealand -- the Trans-Pacific Partnership depository -- is traveling to several TPP countries to discuss the U.S. withdrawal from the deal and other regional trade issues, Todd McClay said last week.
Turnbull: “There is also the opportunity for the TPP to proceed without the United States.”
Withdrawal “would create a potentially destabilizing void that might even lead to conflict, an outcome which would hurt everyone in the region.”
Steven Ciobo reiterates his country's position that the U.S. needs more time to assess the deal.
Trade deals are on the agenda.
Ambassadors from South Korea, Australia and Singapore on Dec. 13 expressed hope that President-elect Trump will take a second look at the now stalled Trans-Pacific Partnership and realize its benefits to the U.S., while also admitting that their messaging in support of trade agreements needs to shift moving forward.
“Other countries are going to find it politically impossible to sell it domestically that they are making more sacrifices than President Trump.”