Revised TPP deal sends strong signal on free trade

EU says no'immediate clarity from US on trade tariffs

A group of 11 countries is expected to sign a Trans-Pacific trade deal today, just over a year after US President Donald Trump abandoned his country's involvement.

While six of the 11 participating countries still have to ratify the trade pact, having all member nations signing on has been heralded as an important step in the deal's implementation.

In Chile, the worlds largest ever regional trade agreement, TPP-11, has been signed by Australia yesterday, allowing Australian producers to have new and better access to global markets.

"By keeping the TPP alive at a time when many wrote it off, Prime Minister of Japan, Shinzo Abe, and I ensured the door remains open for the United States and, indeed, other countries to join in the future", Mr Turnbull told a business summit on Wednesday.

"The 11 countries" combined economies make up 13.5 percent of world gross domestic product - worth US$10 trillion.

The CPTPP will account for around 13.5% of global economic output and a market of 500 million people, sharply shrivelled from its initial avatar - Trans Pacific Partnership, or TPP - which would have covered 40% of the global economy and 800 million people if US had remained as a member of the trading bloc.

The TPP had been a linchpin in US Asia policy under Trump's predecessor Barack Obama.

"It's great to see growing worldwide acknowledgement and understanding that we need trade that works for everyone", Mr Parker says.

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Alongside the agreement, New Zealand has also joined Canada and Chile in issuing a Joint Declaration on fostering progressive and inclusive trade.

But Ghahraman says it's disappointing the side letters are with "relatively small nations" while the likes of Japan and Chile are "still free to sue our government for access".

"If the United States returns to a more positive attitude toward the TPP, it is something we will welcome (but) it would not be so easy" to change the agreement again, said Tokyo's chief negotiator Kazuyoshi Umemoto.

The Winemakers Federation of Australia welcomed the signing, with chief executive Tony Battaglene saying Australia had shown strong leadership by continuing to pursue the TPP after the USA withdrew.

Ciobo continued: "Australian beef will benefit from further tariff cuts in a new bilateral agreement the Turnbull Coalition Government secured with Canada through a side letter".

New Zealand, Japan, Canada, Mexico, Chile and Australia will all grow by an additional 1% or less.

In addition to market access, Malaysia will also benefit in terms of enhancing governance in a number of economic sectors, strengthening economic cooperation among member countries and promoting adoption of global standards.

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