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Trans Pacific Partnership Trade Deal Advances Without United States

14 November 2017

To reach agreement on pushing ahead with the deal, 20 provisions of the original agreement will be suspended, Motegi said.

Prime Minister Jacinda Ardern made the surprise announcement in Vietnam on Friday night, revealing Canada had not shown up for the talks between the remaining 11 nations in the TPP.

HCM City wishes to join hands with Canada to boost cooperation and friendship in delegation exchange and economy, trade, urban management and education, Phong said.

The talks resulted in a rebadging of the trade pact to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Discussions would not continue without Canada, she said.

National will support the renegotiated TPP trade deal as good for New Zealand, leader Bill English says. He withdrew the country from the agreement in January.

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"We were not ready to close the TPP 11 yesterday", he said.

It would go beyond traditional deals by including issues like intellectual property, state-owned enterprises and labour rights. Unlike the TPP trade pact, whose decisions will eventually be enforced, APEC's statements are nonbinding.

That involved a hard balance between maintaining high standards and pragmatism, Mr Motegi said.

The TPP member countries are trying to find a way forward without the US, the biggest economy and, before Trump took office, one of its most assertive supporters.

"We're not in a position yet to know whether or not that is something that New Zealand First will want to do because we haven't got a final deal for them to consider".

Trump reiterated his markedly different stance on trade before the 21-member APEC summit convened late Friday with a gala banquet. The clock is running down for USA pork. He lambasted the World Trade Organization and other trade forums as unfair to the United States and reiterated his preference for bilateral trade deals, saying "I am always going to put America first".

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On Friday, in his speech, the USA president railed against global trade deals, blaming them for America job losses and accusing Asian countries of ignoring them in "violations, cheating or economic aggression".

The Chinese president drew loud applause when he urged support for the "multilateral trading regime" and progress toward a free-trade zone in the Asia-Pacific.

TPP took seven years to negotiate and was drafted in part to counter China's dominance in Asia. TPP commitments would eventually be ratified and enforced by its members.

He said it was clear there would be a need for further changes but that differences had been narrowed down.

As a developing country with a fast-growing export sector, this year's host country, Vietnam, has a strong interest in open trade and access for its exports to consumers in the West given the role foreign investment and trade have played in helping its economy to grow at a more than 6 percent pace.

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Trans Pacific Partnership Trade Deal Advances Without United States