11 countries sign historic free trade deal

by Garry Watts March 9, 2018, 1:53
11 countries sign historic free trade deal

The deal will not take effect 60 days after it is ratified by at least six member countries.

Today, leaders from 11 of the original signatories of the Trans-Pacific Partnership (TPP) signed a modified version of the original agreement now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Chile.

With the United States, it would have represented 40 per cent.

"Today, we can proudly conclude this process, sending a strong message to the worldwide community that open markets, economic integration and global cooperation are the best tools for creating economic opportunities and prosperity", said Chilean President Michelle Bachelet.

Heraldo Munoz, Chile's minister of foreign affairs, said the agreement was a strong signal "against protectionist pressures, in favour of a world open to trade, without unilateral sanctions and without the threat of trade wars".

The bloc's combined market encompasses more than 290 million people and accounts for $2.7 trillion or more than three-quarters of the economic activity on the southern continent, according to the ministry data.

Just after his swearing in January 2017, protectionist president Donald Trump withdrew the USA from the multinational trade agreement before it was implemented claiming it would hurt its workers and companies. He said the move was aimed at protecting U.S.jobs.

Talk It Out: Should we stay in Daylight Saving Time year-round?
The United States started its own program in March, 1918, but it only lasted until the end of the war in November the same year. For many people, daylight saving time is less about “springing forward” and more about falling behind on their sleep schedule.

But Japan, a key driver behind the revised pact, is skeptical. The Australian Council of Trade Unions, for instance, called the CPTPP "a raw deal for working Australians", while former New Zealand lawmaker Barry Coates argued that "TPP-11 would override important aspects of our personality" and threaten national sovereignty.

Most provisions of the original agreement remain, except those related to intellectual property originally inserted at the demand of USA negotiators. Those include rules ramping up intellectual property protection of pharmaceuticals, which governments and activists of other member nations anxious would raise the costs of medicine.

The 11 TPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Canadian International Trade Minister Francois-Philippe Champagne signed on behalf of Canada and Friday he will head to Paraguay to kindle free trade talks with the Mercosur group.

In January, Trump, who also has threatened to pull the United States out of the North American Free Trade Agreement, told the World Economic Forum in Switzerland that it was possible Washington might return to the TPP pact if it got a better deal.

"Canada is seizing every opportunity to secure new markets on better terms for more Canadians and is quickly becoming a country with unparalleled access to the world's most dynamic markets", Champagne said in a statement.

"The real worry has to be not only that our government has rolled over on this one", she added, "but that it and the other 10 will roll over to the demands of the Trump administration if they want to re-enter".

Recommended News


TOP News

Aftershocks push Papua New Guinea quake toll higher
ExxonMobil Papua New Guinea managing director Andrew Barry said production at the $19bn project would be restored as quickly as possible.

Buddhism Vs Islam In Sri Lanka: Emergency Declared In The Country
Prime Minister Ranil Wickremesinghe also ordered an investigation into alleged police inaction in handling the clash. Nidahas Trophy 2018 is a cricket tournament that is played to celebrate Sri Lanka's 70th year of Independence.

'Shape of Water' triumphs at an Oscars full of change
Roger Deakins , a 14-time nominee, won his first Oscar for his cinematography on the science-fiction sequel " Blade Runner 2049 ". McDormand continued: "Look around ladies and gentlemen, because we all have stories to tell and projects we need financed".

Amazon Brings Free Whole Foods Deliveries to San Francisco and Atlanta
Walmart's grocery business faced stepped-up competition when Amazon acquired Whole Foods past year for almost $14 billion.

Little girl seen admiring Michelle Obama portrait meets former first lady
Ms Sherald saw the picture as well and shared it on her Instagram account, to which Ms Obama replied with three heart-eyed emojis. In the now candid photo , Parker Curry stares at Michelle Obama as if she is fascinated or in awe.

Astori's team mates pay tribute as Fiorentina, Cagliari retire number 13 shirt
The Serie A club announced the move on Tuesday, while also confirming that Astori's former club Cagliari would also do the same. Legendary Juventus goalkeeper Gianluigi Buffon posted on social media following the shock news of Davide Astori's death.

What Is The Age Of Consent In France? Sexual Violence Prompts Rethink
Sentences are the same for sexual assaults of minors and non-minors, but rape convictions carry much harsher punishments. Currently, France does not have a rule saying a child under a certain age is considered incapable of consenting to sex.

Google Lens is now available for all Android users through Google Photos
BTW, Android Pay is now Google Pay , and you can use this trick to get Google Pay to work on your Android Wear smartwatch. Features like Google Assistant and Google Lens are the next generation of innovations in the present century.

Jennifer Garner Reveals Thoughts Behind Viral Meme From Oscars
That one is a reference to Garner's role in the upcoming HBO series, Camping , written by Dunham. While she let the memes play out online for some time, Garner soon joined in on the fun herself.

Explained: Why Ireland unborn baby rights ruling paves way for abortion vote
The Government in January formally agreed to hold a referendum on the Eighth Amendment of the Constitution. That's just one of the proposals included in the Government's draft laws on abortion.