Tweet
President-elect Donald Trump has described TPP as a “disaster” and says the U.S. will withdraw from TPP in favor of bilateral trade agreements.
In the meantime, China—which was not part of TPP— is making headway in its own bid to establish a rival regional free-trade deal, called the Regional Comprehensive Economic Partnership, or R-CEP.
The TPP covered nearly 40 percent of the global economy. The 12-member bloc, would have included the U.S., Canada, Japan and several other Pacific nations.
But as President Obama put it, the deal was never just about trade.
“If America doesn’t shape the rules of the global economy today, to benefit our workers, while economy is in a position of new global strength, then China will write those rules," Obama said.
TPP’s failure could also mean U.S. exports will miss out on preferred access to countries, such as India, China and Japan.
In the meantime, China—which was not part of TPP— is making headway in its own bid to establish a rival regional free-trade deal, called the Regional Comprehensive Economic Partnership, or R-CEP.
The TPP covered nearly 40 percent of the global economy. The 12-member bloc, would have included the U.S., Canada, Japan and several other Pacific nations.
But as President Obama put it, the deal was never just about trade.
“If America doesn’t shape the rules of the global economy today, to benefit our workers, while economy is in a position of new global strength, then China will write those rules," Obama said.
TPP’s failure could also mean U.S. exports will miss out on preferred access to countries, such as India, China and Japan.
Edit to add
Belarus' handling of draft agreement on Eurasian Economic Union's Customs Code clarified
http://eng.belta.by/politics/view/be...ed-97691-2017/