JAPAN said countries negotiating the revival of the Trans Pacific Partnership (TPP) trade deal have “agreed in principle” to a way forward, but Canada and New Zealand have denied reaching any consensus on the pact.
JAPAN said countries negotiating the revival of the Trans Pacific Partnership (TPP) trade deal have “agreed in principle” to a way forward, but Canada and New Zealand have denied reaching any consensus on the pact.
The spat highlighted the continuing challenge to reviving a pact whose survival was thrown into doubt when President Donald Trump ditched it, in one of his first acts in office, in favour of bilateral dealmaking.
Japan had lobbied hard to proceed with a pact that could also help to contain China’s growing regional dominance, ahead of talks in the Vietnamese resort of Danang this week alongside Asia Pacific Economic Cooperation (APEC) meetings.
Some other members have not shown a readiness to move so fast.
SEE ALSO: Asia-Pacific nations agree in principle to proceed with TPP
Asked by reporters about the results of a meeting of TPP ministers, Japanese Economy Minister Toshimitsu Motegi said “(they) agree in principle”, adding that the ministers had finalised “a list of suspensions” – clauses that would be suspended to avoid renegotiating the whole agreement.
But Candian Trade Minister Francois-Philippe Champagne later said on Twitter: “Despite reports, there is no agreement in principle on TPP.”
The TPP aims to eliminate tariffs on industrial and farm products across a bloc whose trade totalled $356 billion last year.
