ibusinesslines.com February 25, 2018

Pacific nations scramble to save trade pact after Trump exit

10 November 2017, 12:33 | Melissa Porter

President Tran Dai Quang receives Canadian Prime Minister Justin Trudeau. Font Size

President Tran Dai Quang receives Canadian Prime Minister Justin Trudeau. Font Size

Discord emerged between Japan and Canada over progress on the Trans Pacific Partnership (TPP) trade deal on Thursday, as Japan said countries "agree in principle" on a way forward, but Canada said there was no such agreement. As of Friday morning there remained uncertainty as to whether an agreement had been reached, or would be reached, and what sort of statement the leaders might release.

According to Mexico's Secretary of Foreign Affairs Luis Videgaray, the talks are aimed at amending the existing agreement after US President Donald Trump pulled out from the free trade agreement in January.

He said the issue was a serious one for New Zealand, though he was happy with the way he thought it had been resolved.

The official acknowledged a couple of people around the table might say Canada is being obstructionist, but that it's probably due to their own domestic pressure to sign the deal.

He will head to Danang on Saturday for the two-day APEC leaders' summit, before moving on to the Philippines to attend the annual meetings of the Association of Southeast Asian Nations.

"We walked into a meeting and they were the only one absent". "Of course there is work to go through, the process of ratification and some side matters that will now need to be worked out".

Australian trade minister Steven Ciobo said the meeting was "very good" but did not confirm that agreement had been reached.

"We are at the table, we're being constructive, we're being creative but let's be honest, some are hard discussions", Champagne said. Similar concerns in Europe nearly scuttled the Canada-EU trade deal, which recently took provisional effect.

The establishment of comprehensive partnership between Vietnam and Canada is not only an important milestone in the bilateral relationship but also gives a momentum to cooperative ties, especially when the two nations are sharing more interests bilaterally, regionally and internationally.

It's understood Canada, the second largest economy in the TPP since the United States withdrew, had been in bilateral talks with Japan on role difference before Trudeau's no show at the meeting.

"Despite reports, there is no agreement in principle on TPP", Champagne tweeted.

Japanese Finance Minister Taro Aso told reporters in Tokyo on Friday that there were still details being hammered out, citing Mexico and Vietnam as two holdouts.

Peru meanwhile is more focused on talks toward a trade-and-investment agreement between a smaller group of countries than trying to save the TPP without the USA, a Peruvian official said, speaking on condition of anonymity.

He said if there was a misunderstanding between ministers and officials, it was not on New Zealand's part.

"There will be no future TPP 12 [with the U.S.] if there is no TPP 11", Motegi added.

Other News

Trending Now

Supreme Court rejects PIL on appointment of judges
It is the same matter in which the CBI recently arrested former Odisha High Court judge IM Quddusi and others. The charge, Dave said, was very serious as it pointed fingers at the working of the apex court.

Arenado, Blackmon Win Silver Slugger Awards
November 9: DH Nelson Cruz wins American League Silver Slugger award after hitting 39 home runs leading the league with 119 RBIs. The Silver Slugger is awarded to the best offensive player at each position, in each league, as voted by managers and coaches.

Brian Boyle explodes with emotion after scoring first goal since cancer diagnosis
Connor McDavid wheeled around forward Brian Gibbons in the dying stages and fed Leon Draisaitl for a sitter on Cory Schneider. The Oilers tied it early in the third period when Schneider got beat five-hole for a second time.

New Jersey elects first Sikh mayor Ravi Bhalla
In a brief interview Tuesday evening, DeFusco said he fell just short of being elected Hoboken's first openly gay mayor, despite the only candidate to be attacked by everyone else in the race.

BJP Wants To Ban Sanjay Leela Bhansali's 'Padmavati'?
In January, activists of the Karni Sena had also protested and misbehaved with the crew of Padmavati and also thrashed Bhansali. Pinkvilla reports that Padukone was surprised to hear the question of her being in the film, in which she answered with an "No".

Panasonic Eluga I5 Price in India
Panasonic electronics company has released a budget-entry handset In India , called Eluga I5 , expanding its Eluga series. It is powered by 1.25 GHz Quad-Core Processor combined with 2GB RAM + 16 GB ROM, expandable up to 128 GB via microSD card.

Russian Federation 2018: FIFA unveil official ball
Although released yesterday, the ball has been spending time at Manchester United and Real Madrid during the testing process. It's name came from its status as the "star of television", and was made to stand out on black-and-white televisions.