Moody's: Malaysia biggest victor in new CPTPP deal

Minister of Industry and Trade Tran Tuan Anh. Font Size

The revised agreement eliminates some requirements of the original TPP demanded by United States negotiators, including rules to ramp up intellectual property protection of pharmaceuticals.

The United States was left out of a new version of the Trans-Pacific Partnership signed by 11 countries in Santiago, Chile.

"It is our view that both CPTPP and RCEP will serve as building blocks towards a more open and fairer trade and investment regime in the Asia Pacific region", Mustapa said.

Trade ministers of 11 countries participating in the trade pact, namely Australia, Brunei, Canada, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam, attended the event.

Its success highlights the isolation of the US under Trump's protectionist rhetoric on trade and his "America first" philosophy. With the U.S. it would have represented 40%, but even without, the Asia Pacific trade pact will become one of the world's three largest trade deals. The country's fish - particularly its panga - have been the subject of attacks in Europe and the US over food safety and farming conditions.

The United States alone represented more than 60 percent of the total GDP.

The original deal, signed by 12 countries including the United States in February 2016, could never be implemented after the US withdrawal as it required six countries, accounting for at least 85 percent of the original 12 signatories' combined GDP, to complete domestic procedures to bring it into force.

Moody's expect Canada and Mexico to attract more investment from CPTPP members, particularly Southeast Asian exporters looking for greater access to the U.S. market - assuming a smooth resolution on the North America Free Trade Agreement (NAFTA) renegotiations.

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"International trade is very much a live, despite what some people think", said Chilean Foreign Minister Heraldo Munoz.

On Thursday, Mr. Trump went in the opposite direction, announcing tariffs on steel and aluminum imports to the United States.

Signed yesterday (8 March) in Chile, the landmark move was made on the same day the American President, Donald Trump, signed tariffs on steel and aluminium imports.

Former US president Barack Obama's administration pushed for the TPP as a counterweight to growing Chinese commercial power. The thinking was that China would have an incentive to open its market and liberalize its policies in an effort to eventually qualify for TPP membership.

Labor's foreign affairs spokeswoman Penny Wong said independent modelling was needed to give an accurate picture of its impact on jobs and the economy. "It becomes a modest liberalization measure".

"Of that, 997 firms are within CPTPP markets, with 200 based in Malaysia", the group said in a statement today.

He was referring to the proposed free trade agreement involving Asean, Australia, China, India, Japan, South Korea and New Zealand with a combined population of 3.4 billion.

Speaking at the signing ceremony, she expressed her delight over the birth of the free trade agreement which is billed as an ambitious and strategic multi-lateral cooperation deal in the context of globalisation.

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