Can the Trans-Pacific Partnership be salvaged? Forget Trump – Malaysia, Australia, New Zealand think so
The US president may have pulled the plug on American participation in the free-trade agreement, but other signatory countries appear keen to forge on as the ‘TPP 11’
Don’t sound the death knell for the Trans-Pacific Partnership just yet.
A last ditch effort by some Asia-Pacific leaders to salvage the trade pact could turn out to be crucial for regional economic cooperation following US President Donald Trump’s move to pull the plug on American participation, observers said on Tuesday.
Australia, New Zealand and Malaysia were among the nations that signalled enthusiasm to continue with an 11-member partnership in the absence of the United States.
On Monday, Trump used his first day in office to sign an executive order withdrawing the US from the accord, raising fears for the continued viability of a deal that had taken nearly eight years and 32 rounds of negotiations to complete.
WATCH: Trump orders US withdrawal from Trans-Pacific trade deal
But chief negotiators from the remaining signatories to the accord would “be in constant communication with each other to consider all available options before deciding the best way forward,” Malaysia’s trade minister Mustapa Mohamed said on Tuesday.