Massive Pacific trade deal without U.S. gets go ahead
March 8, 2018 -- Japan, Canada and nine other Pacific Rim nations will sign a revised trade deal in March. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will create a market of 500 million people, with a combined gross domestic product of US$10 trillion.
Following the fiery campaign rhetoric about free trade agreements, President Trump pulled the U.S. out of the original Obama-era Trans-Pacific Partnership within a few days of reaching office.
The new deal includes a renegotiated arrangement on automobiles with Japan and the suspension of intellectual property provisions that had been a concern for Canada. With a combined economy of more than 90 percent of Beijing’s $11.2 trillion GDP, the agreement will create a counter-balance to China’s increasing economic dominance of the region.