Here are three ways to keep TPP alive – even without the US on board
Despite Trump’s decision to yank the US from the Trans-Pacific Partnership, the remaining nations are mulling ways to keep the regional trade pact alive
Although US President Donald Trump’s decision to withdraw the United States from the Trans-Pacific Partnership (TPP) appeared to deal a death blow to the mega-regional trade pact, the 11 remaining nations have been mulling over every possible way to resurrect it.
Trade ministers from the remaining TPP member countries are expected to further discuss and declare their commitment to the trade deal on the sidelines of this weekend’s Asia-Pacific Economic Cooperation (Apec) meeting in Hanoi, Vietnam, in an effort to revive the TPP without the US’ inclusion, while keeping the door open for US to return. Trump decided to pull the US out of the TPP shortly after his inauguration.
There are at least three scenarios for reviving the TPP, according to observers and analysts.
The first option is relaunching it as “TPP-11”, without the US involved. Originally, the TPP included the US, Japan, Vietnam, Singapore, Canada, Australia, New Zealand and five other Asia-Pacific countries accounting for more than one quarter of total world trade. China has not been a member of this pact.
Apec members’ eyes also will be on the other Asia-Pacific trade initiative - the Regional Comprehensive Economic Partnership (RCEP) - a proposed free trade agreement between the 10 member states of the Association of Southeast Asian Nations and six other countries in the Asia-Pacific region, including China, Japan and Australia. The RCEP has been advocated and championed by China as an alternative deal to guarantee economic growth while US liberal rhetoric takes aim at the Trump administration’s expressed anti-globalisation and protectionist sentiments.