TPP nations agree new framework to revive deal

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The 11 remaining members of the Trans-Pacific Partnership have agreed terms that will allow them to move ahead with the deal without the involvement of the US.

The 11 members of the Trans-Pacific Partnership have agreed a new framework that will allow them to once again move ahead with the large-scale trade deal.

During the recent Asia-Pacific Economic Cooperation summit in Vietnam, ministers from Australia, Canada, Chile, New Zealand, Brunei, Singapore, Japan, Malaysia, Mexico, Peru and Vietnam were able to reach a consensus on the core elements of a new approach to TPP that will restart the momentum of the process.

The original plans for the TPP included these 11 nations plus the US, and would have represented the biggest multilateral trade agreement in history, covering around 40 per cent of the global economy.

However, it was dealt a significant blow with the election of Donald Trump as US president, whose strident opposition to a deal championed by his predecessor Barack Obama led to the US formally withdrawing from involvement in TPP earlier this year.

It had been expected that this would cause the pact to collapse entirely, but ministers from Japan, Australia and New Zealand have spearheaded the revival of the process, with many of the stipulations of the previous version of the deal set to remain in place as the 11 nations proceed without the US.

However, further progress is still needed before the agreement can come to fruition, with the government of Canada still expressing trepidation about the deal's labor and environmental rights provisions.

Canadian prime minister Justin Trudeau has been keen to stress that his country will not be rushed into a deal, and was the only TPP leader not to attend a key meeting on November 10th. Despite this setback, the 11 TPP nations were subsequently able to move ahead, though more work needs to be done before the deal can be finalized.