TPP free trade pact to go ahead with or without US

Although the door will be kept open for the USA to rejoin the pact, its trade representative Robert Lighthizer said it would not return to the TPP.

New Zealand Trade Minister Todd McClay said the remaining countries are open to others joining provided they accept the trade agreement's high standards on labour and environmental protection.

USA trade representative Robert Lighthizer disagreed with Asian and Pacific countries over protectionism during his first overseas trip as the nation's top diplomat on trade policy Sunday.

Mr Seko said his meeting with Mr Lighthizer built on an understanding reached between Mr Trump and Mr Abe in their meeting in February to focus on one-on-one trade talks.

He wished that the U.S. official will pay visits to Vietnam in the coming time to promote bilateral trade cooperation activities. "I am quite optimistic".

The deal was also seen as a way to counter Beijing's regional economic dominance.

Officials from TPP countries will meet again in Japan in July and bring proposals in November, Mr McClay said.

In its current form, the partnership requires USA participation before it can go into effect.

The TPP was in part crafted as a counterweight to the burgeoning economic might of China. The partnership aims to promote regional economic integration, contribute positively to the economic growth prospects of its member countries, and create new opportunities for workers, families, farmers, businesses and consumers. "In the event it's TPP minus one, in our view it can not be the one that was agreed in Auckland in February 2016", he said.

Donald Trump's new point man on trade met Asia-Pacific trade ministers in Hanoi on Saturday as Washington reverses gear on sprawling free trade pacts in favour of one-to-one deals.

Champagne said he had a "good first meeting", with Lighthizer in Vietnam during the Asia-Pacific Economic Cooperation (Apec) forum gathering. Under the TPP's original terms, it could not come into place unless ratified by six countries accounting for 85 percent of the group's combined GDP. The US made up about 60%.

A draft seen by Reuters of the APEC meeting statement to be issued today emphasized free trade and warned of the dangers of protectionism. "Singapore was encouraged by the partners" commitment to the TPP.

"Each country will have to have a different approach", he said. Supporters hope, however, that moving ahead will prevent more than five years of work hammering out the trade rules from being wasted, and keep the agreement on life support in case political conditions eventually change in the US.

Lighthizer, a 69-year-old trade lawyer who has a reputation as a tough negotiator stretching back to the Reagan era, was only confirmed by the Senate as USA trade representative on May 11 and sworn in on May 15.

They mainly discussed an initiative to establish a free trade zone for 21 Pacific Rim nations and territories, including Japan, the United States and China. The 11 remaining members, all APEC countries, agreed on Sunday to pursue it without the US.

Source: Trusted New Source