Senators Urge Trump to Rejoin TPP

Senators Urge Trump to Rejoin TPP

25 Republican senators sent a letter to President Donald Trump asking him to get the U.S. back into the Trans-Pacific Partnership trade agreement.

"Increased economic engagement with the 11 nations now in TPP has the potential to substantially improve the competitiveness of USA businesses, support millions of U.S.jobs, increase US exports, increase wages, fully unleash America's energy potential, and benefit consumers". The agreement is expected to be signed in Chile on March 8.

The new deal does not make changes in the area of market access agreed on by the original 12 members and minimized the number of rule-related items that are frozen, he noted.

Trump withdrew the United States from the TPP agreement shortly after taking office, calling the Obama-era trade deal a "disaster" for the United States.

But the most recent analysis of the new TPP - known by the acronym CPTPP - predicts lower US imports into Canada. With the United States, it would have represented 40 percent.

"So as we can see the TPP was a good deal when the National Government negotiated and signed it and it's still a good deal now".

In an address to the World Economic Forum in Davos last month he said the United States would consider negotiating with the TPP bloc but "only if is in the interests of all".

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The 11 nations in the CPTPP are Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Canadian Prime Minister Justin Trudeau used his own speech in Davos to announce the other 11 nations had reached an agreement without the United States.

Parker said the government could give itself "4.5 out of 5" for its efforts to improve the deal in New Zealand's sovereign interests, even though it had not succeeded in stripping ISDS from the agreement altogether. "They have suspended numerous controversial ones, particularly around pharmaceuticals", said Kimberlee Weatherall, professor of law at the University of Sydney.

"CPTPP has become more important because of the growing threats to the effective operation of the World Trade Organization rules", New Zealand Trade Minister David Parker said on Wednesday.

"Over 600,000 New Zealand jobs directly depend on worldwide trade".

Parker said people's broader economic concerns like the concentration of wealth, multinational tax avoidance and disruptive technology often got unfairly wrapped into the free-trade debate.

Whereas the NIA for the TPP estimated "at least" an additional one percent increase to GDP at full implementation ($2.7 billion), the CPTPP analysis estimates an increase of between 0.3 percent ($1.2b) and one percent ($4b).

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