Advanced Search

Share Coverage



Category: Federal Government / World Politics / Government and Politics / Trade

Government scrambles after Trump pulls US out of TPP

Tuesday, 24 Jan 2017 08:55:34 | Stephanie Anderson

Donald Trump confirmed the United States' withdrawal from the TPP trade agreement. (AP: Evan Vucci)

The Federal Government is scrambling to rethink the Trans-Pacific Partnership (TPP) after President Donald Trump pulled the US out of the Asian trade deal.

Key points:

  • Trump signed executive order to pull USA out of TPP trade agreement
  • Government says it will keep its options open to keep deal alive without US
  • Japan the only country to ratify the deal so far

Now Prime Minister Malcolm Turnbull is instead hoping that the remaining 11 countries can salvage the deal, though he says there is potential for the US to return to the table in the future.

Mr Trump signed an executive order overnight to pull the US out of the 12-country agreement, which could have solidified his country's leadership in the Asia-Pacific.

Mr Trump described the deal — which would have covered nearly 40 per cent of the global economy — as a "rape" of his country.

Mr Turnbull said the withdrawal was a "big loss", but not necessarily the end of the deal.

"It is possible that US policy could change over time on this, as it has done on other trade deals," he said.

"There is also the opportunity for the TPP to proceed without the United States. I've had active discussions with other leaders as recently as last night."

The Government had been pushing hard for Parliament to confirm the deal as soon as possible, but Trade Minister Steve Ciobo now says the Government will keep its options open.

"It is a case of being an ongoing discussion and obviously when the time is right, we'll have a look at the best way forward," he said.

"We are not going to walk away from pursuing high-quality trade deals."

Fact file: The Trans-Pacific Partnership

It's been referred to as 'the dodgiest deal you've never heard of' and now, Fact Check answers your questions on the TPP.

Mr Ciobo said there was also potential for countries such as China to join the TPP.

"The original architecture was to enable other countries to join," he said.

"Certainly I know Indonesia expressed a possible interest and there would be scope for China if we were able to reformulate it."

Japan is the only country to ratify the deal to date, with Prime Minister Shinzo Abe reiterating his commitment to the TPP during a phone call with Mr Turnbull last night.

Opposition Leader Bill Shorten has described the deal as "dead in the water".

AustraliaPlus


 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend