Trans-Pacific Partnership talks collapse after Canada pulls out of trade deal

Trans-Pacific Partnership talks collapse after Canada pulls out of trade deal

Without the United States, the 11-party TPP's share of world gross domestic product drops to 13 percent, but trade experts say the deal would still create a free trade area with a high-standard of market liberalisation.

Japan had hoped that the leaders of the TPP countries would back the deal on the sidelines of the APEC Leaders'Week, but Canada's unexpected move led to the cancellation of the leaders' meeting set for Friday afternoon.

"I do not see how our stance will help us forge closer ties with other Asians in the group, notably Japan, the principal advocate", said Burney.

Canada's position has been further complicated by the fact that it is simultaneously renegotiating the North American Free Trade Agreement (Nafta) with the Trump administration.

Earlier this week, Trudeau said wasn't going to be pressured into committing to an agreement "at all costs" and that it would have to address the best interests of Canadians.

"It should come as no surprise and it actually didn't come as a surprise to people who'd noticed that I was saying that and have been saying that all week".

The announcement of a basic agreement was delayed by last-minute discord that prevented the TPP leaders from endorsing the plan when Canadian Prime Minister Justin Trudeau did not join other leaders who gathered Friday to endorse an agreement in principle on pressing ahead without the U.S.

Any kind of deal looked doubtful on Friday, when a summit of TPP leaders was called off after Canadian Prime Minister Justin Trudeau did not attend.

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An earlier issue over wording, thought to involve Vietnam, has been resolved. The New Zealand Herald reported that Trudeau's "no-show" had delayed TPP talks indefinitely.

Donald Trump pulled the United States out of the agreement soon after becoming president, insisting he would only engage in country-to-country trade deals. A briefing to wrap up the ministerial meeting late on Wednesday was canceled after a delay of several hours, and talks have continued into Thursday.

"We obviously had lots to talk about and at the end of that meeting it became clear that it was in everyone's interest to postpone the leaders' meeting on the TPP11", Trudeau said Saturday.

"We have collectively reached the stage where we can discuss a proposal for a final package for an agreement in principle of the TPP", Japanese Economy Minister Toshimitsu Motegi told ministers from the other countries.

US President Donald Trump had withdrawn his country from the original 12-nation TPP agreement. The Canadian tech-sector has long urged Ottawa to fight for the removal of those elements from the deal. Partly to counter China's growing dominance in Asia, Japan had been lobbying hard for the TPP pact, which aims to eliminate tariffs on industrial and farm products across the 11-nation bloc whose trade totalled $356 billion previous year.

On Sunday, Trudeau will attend the ASEAN summit of 10 Southeast Asian leaders in Manila, hosted by President Rodgrigo Duterte, who has faced harsh global criticism for his human rights record.

APEC is a conference full of problems and of opportunities for its leaders.

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