By remaining a champion of the Trans-Pacific Partnership free trade deal after the withdrawal of the United States, Japan is hoping that Washington will soften its demands in future bilateral trade negotiations. Japan has lobbied hard in recent days on the sidelines of the Asia-Pacific Economic Cooperation forum
By remaining a champion of the Trans-Pacific Partnership free trade deal after the withdrawal of the United States, Japan is hoping that Washington will soften its demands in future bilateral trade negotiations.
Japan has lobbied hard in recent days on the sidelines of the Asia-Pacific Economic Cooperation forum summit in the central Vietnam city of Danang to reach a ministerial agreement on « core elements » of a new trade pact to be implemented without Washington, as differences among the 11 remaining members have proved surmountable.
But the chances of bringing Washington back to the pact, originally signed by all 12 countries in February 2016, look slim given U. S. President Donald Trump’s « America First » mantra, which is leading him on a quest for bilateral deals with countries running large trade surpluses with the United States.
A last-minute challenge by Canada also raised doubts about the unity of the 11 remaining members, casting a shadow over the prospects for their smooth domestic ratification and eventual signing of the deal.
A weaker TPP means lower leverage for the Japanese side in trade negotiations with the United States, political analysts said.
The TPP leaders’ meeting, initially scheduled for Friday afternoon to endorse and announce the TPP ministerial agreement, was canceled despite Japanese Prime Minister Shinzo Abe’s push during his meeting with Canadian counterpart Justin Trudeau.
Abe said Canada was not at a stage to confirm the ministerial agreement. Francois-Philippe Champagne, minister of international trade, said in a statement Ottawa « will not be rushed into an agreement that is not in the interest of Canada.
