11 countries sign TPP trade pact without the United States

U.S. President Donald Trump signs Section 232 Proclamations on Steel and Aluminum Imports in the Oval Office of the White House on Mar. 8 2018 in Washington DC. Trump on Thursday declared the American steel and aluminum industries had been

Malcolm Turnbull also hailed the signing of the restructured Trans-Pacific Partnership as a vital win for Australian industry and attacked Labor for giving up on the deal when Donald Trump pulled the U.S. out of the pact.The TPP-11, as it is now known after the departure of the United States, was signed by Ciobo in Chile on Friday.

MALAYSIA will be the biggest beneficiary of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said worldwide rating agency Moody's Investors Service.

But the revamped deal, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is still a significant achievement and a victory for openness, its supporters said at the signing ceremony in Santiago, Chile.

Other countries signing the deal are Australia, Brunei, Chile, Malaysia and Mexico.

Even without the United States, the deal will span a market of almost 500 million people, making it one of the globe's three largest trade agreements, according to Chilean and Canadian trade statistics.

While New Zealand's Minister for Trade and Export Growth, David Parker, added: "It's great to see growing worldwide acknowledgement and understanding that we need trade that works for everyone".

The move came hours before United States president Donald Trump announced plans to impose new tariffs on aluminium and steel imports to protect producers.

Former US President Barack Obama had pushed for the TPP as a means to counter a rising China. It not only cut tariffs but required members to comply with a high level of regulatory standards in areas like labor law and environmental protection.

The other nations chose to move ahead without the United States, which was the largest economy in the pact.

"Work is now underway to establish technical market access for Australian beef exports to Peru to take advantage of market access outcomes from both the TPP-11 and the Peru-Australia Free Trade Agreement".

They used the occasion to hammer home their message on trade.

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said the signing of the agreement is timely, in light of recent protectionist sentiment which is prevalent in a number of countries.

New Zealand's Trade and Export Growth Minister David Parker (right) has hailed the deal.

Its main goal is to slash trade tariffs between member countries. The agreement would have covered 40% of world trade with the Americans in it. Only time will tell if Trump's decision to pull out of the deal will bode well for the country's debt and unemployment crises.

Under the CPTPP, the application of 22 provisions in the original pact, such as on intellectual property that was included at the persistent request of the United States, will be suspended until such time as Washington returns to the deal.

For remaining CPTPP members - Brunei, Chile, Malaysia, New Zealand, Singapore and Vietnam -existing bilateral and/or regional agreements have delivered, or are already delivering, market access improvements.

New Zealand has also joined Canada and Chile in issuing a joint declaration on fostering progressive and inclusive trade.

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