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The agreement reached last weekend by the Trans-Pacific Partnership countries could impact the renegotiation of NAFTA, analysts said Thursday, as Canada and Mexico are both parties to the deal the U.S. withdrew from.
The chairman of the House Foreign Affairs Asia and the Pacific subcommittee on Wednesday lauded President Trump's burgeoning Indo-Pacific strategy, claiming countries in the region are “eager” to forge bilateral trade deals with the U.S.
“I think there has been great enthusiasm among countries, and I think you're going to see this administration work very vigorously to expand access to world markets to improve trade relationships.”
Commerce Secretary Wilbur Ross on Monday said the Trump administration’s Indo-Pacific plans could overshadow the Trans-Pacific Partnership, which moved forward over the weekend without the U.S.
A senior Wal-Mart executive on Monday defended the World Trade Organization and the international trading system, criticizing the U.S. approach to Geneva and lamenting that the Trans-Pacific Partnership is moving on without the U.S.
“I fear [the deal] will create an incentive for American manufacturers to move production to Mexico to access consumers in the Asia-Pacific, such as those in Japan, Malaysia and Vietnam.”
“We are pleased that progress is being made towards a possible agreement, but there is still some work to be done,” said Canada’s trade minister.
Malaysia and Vietnam had wanted to opt out of the original labor provisions, CBC News says, which was unacceptable to Canada.
Freeland: “Our understanding is that there are a few countries who continue to have some important issues that they'd like to be addressed. And I think that's reasonable.”
Report: Country leaders are slated to officially approve the deal on Friday.
Country leaders could officially approve the deal on Friday.
As President Trump continues his trip throughout Asia, Barbara Weisel, former U.S. chief negotiator of the Trans-Pacific Partnership, said she is encouraged by the itinerary – and expects the 11 remaining TPP countries will announce progress on the sidelines of the Asia-Pacific Economic Cooperation summit.
A Japan-EU deal and TPP-11 “could leave U.S. pork exports at a significant tariff disadvantage relative to competitors,” it states.
A look at what's being said about TPP-11's prospects.
Negotiators are hoping to announce an agreement on Saturday on the sidelines of the APEC summit.
President Trump is set to meet with key trading partners in Asia without a coherent and effective strategy to achieve positive outcomes for the U.S., multiple sources and trade analysts have told Inside U.S. Trade -- adding that U.S. trade officials are not pushing China to make changes to its industrial policy in a bid to build a narrative that supports the case for tougher action in the future.
The momentum toward an agreement in Vietnam next week “has significantly increased,” said Japan’s Kazuyoshi Umemoto.
"Is it worthwhile spending hundreds of hours and efforts to try and reach a deal which may be politically spiky at home in our countries, and then finally it doesn't go through – and what was this for?"
Weisel was the chief U.S. negotiator of the Trans-Pacific Partnership.
PIIE: Direct economic losses for the U.S. “would be modest at first, but greater costs would follow as large economies begin to shape regional rules.”