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

Prime Minister Justin Trudeau removes his sunglasses as he arrives in Ho Chi Minh City Vietnam on Thursday. Later Trudeau batted away questions about the Trans Pacific Partnership trade deal saying he wasn't at the negotiating table

Revisions of the deal to allow the remaining 11 countries to proceed without US involvement involved a hard balance between maintaining high standards and pragmatism, Japanese economy minister Toshimitsu Motegi said after late-night talks culminated in a preliminary agreement.

Trade ministers from 11 Pacific Rim countries announced an agreement on pushing ahead with a free-trade deal whose destiny was uncertain after Trump dropped it.

Abe told Peru's President Pedro Pablo Kuczynski that he welcomed a broad agreement reached at the TPP ministerial meeting, a written statement by the Japanese government said on Friday. "They said they had gained consent from the top leader".

"We were not going to be rushed into a deal", Trudeau told reporters at his closing APEC news conference on Saturday, echoing warnings he had issued repeatedly over the course of the week.

"In that sense it is a more comprehensive and progressive agreement than has ever been agreed in major nation multilateral agreements before, and so it was important to some, including Canada, that that be referenced in the renaming of the text because there's some misunderstanding about that out in the public".

Reuters is reporting this morning that the 11 nations working on the new version of the Trans Pacific Partnership (TPP) trade pact have agreed to the core elements of a deal but more work needs to be done.

"It's less than ideal to have every leader and trade minister from the other 10 countries sitting around the table and not have Canada there".

"We are very concerned that the Prime Minister has signed on to this highly regressive economic agreement", said Larry Brown.

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The official added that Pena Nieto likely offered his support for two reasons: Mexico wasn't 100 per cent comfortable with the deal on the table and the fact Canada has stood by it through the tough NAFTA renegotiation with U.S. President Donald Trump. They had also been informed about unease about the deal among a few of the other countries.

Discussions would not continue without Canada, she said.

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 an11-nation bloc whose trade totalled $356 billion a year ago.

Canadian Minister of International Trade François-Philippe Champagne (R) is seen at the Trans Pacific Partnership (TPP) Ministerial Meeting during the APEC 2017 in Da Nang, Vietnam November 9, 2017. But many experts and world leaders agree that by isolating the United States again and again on the world stage, Trump is mostly just handing China a giant win. Why not take a few months to draft a better agreement that removes all of the restrictive and damaging clauses included in the original TPP at the behest of the United States?

Zhang said the Beijing-backed Regional Comprehensive Economic Partnership (RCEP) trade pact will not be impacted by TPP, to which China is not party.

APEC operates by consensus and customarily issues nonbinding statements.

It is clear that the costs of ratifying the TPP far outweigh any small benefits. "I am always going to put America first, the same way that I expect all of you in this room to put your countries first".

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.

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