TPP Countries Oppose Any Revision of the Deal to Meet US Interests

Forex News

11 countries participating in the Trade Pact on the Trans-Pacific Partnership (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam) will be happy if the US decides to return to the agreement, but oppose any revision of the deal. Yesterday, US President stated, that the US "would only join TPP if the deal were substantially better than the deal offered to President Obama". Withdrawing from the TPP deal, then a 12-member agreement negotiated under Barack Obama, was one of Trump’s first acts as US President. He has railed against the pact, calling it a “horrible deal”.

Toshimitsu Motegi (Japan’s minister in charge of TPP) said it would be difficult to change the deal, calling it a "balanced one." Meanwhile, Mustapa Mohamed (Malaysia’s International Trade and Industry Minister) echoed these remarks, saying that renegotiation would "alter the balance of benefits for parties".

The 11 remaining nations represent 13% of global output and include Japan and Canada. They finalized a revised version of the trade pact last month, renaming it the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP members are interested in opening accession talks for other possible members in Asia, such as Taiwan, Thailand, South Korea, the Philippines and Sri Lanka.