By Mike Bird WSJ Sat., April 13, 2019 Much of the American interest in the Trans-Pacific Partnership, a trade deal bridging economies in the Americas and Asia-Pacific regions, dried up after the U.S. backed out in 2016. Now the bloc is about to become a headache for it. The 11-member deal, renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, started at the end of 2018. It already seems to be having an impact. At a sluggish moment for overall global trade, the General Department of Vietnam Customs announced Thursday that exports to Japan and Canada rose by 11.2% and 36.7% in the first two months of the year, respectively, compared with a year earlier. Left on the outside of the deal, U.S. agricultural exporters may soon feel the pinch. In January and February, Japanese beef imports rose 25% compared with the same months last year, driven by a 51% surge in frozen beef imports. The particular beneficiaries are Canada and New Zealand, which saw … [Read more...] about Trans-Pacific Trade Party Is Raging on Without the U.S.
Trans pacific trade agreement
President Donald Trump signed an executive order this morning to withdraw the United States from the Trans-Pacific Partnership. The move fulfills one of Trump's signature campaign pledges to get out of the sweeping 12-nation trade deal, which he once called "a rape of our country" and said would hurt U.S. jobs. Story Continued Below He pledged in a video shortly after his November election that he would pull out of the deal on Day One of his presidency. The Asia-Pacific agreement, which the Obama administration negotiated and hoped to ratify before leaving office, is written in such a way that it is effectively dead without the participation of the United States and its huge economy. Withdrawing from the deal will be welcome news to progressive Democrats and labor groups, some of whom Trump is scheduled to meet with at the White House today. It is likely to anger the other 11 nations involved as well as more mainstream Republicans and economists, some of whom hoped Trump would … [Read more...] about Trump signs executive order to withdraw from Trans-Pacific trade deal
The Ministry of Industry and Trade said in a recent statement that many sectors in Vietnam will have a chance to grow under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), including food and beverage, tobaccco, textiles, chemicals, plastics, leather, transport equipment and services. It has been estimated that the trade pact, which covers 13.5 percent of global GDP at around $10 trillion, would boost Vietnam’s GDP by 1.32 percent, and its exports by 4.04 percent by 2035, while creating jobs for 20,000-26,000 people. However, both officials and experts have warned of challenges that the pact can pose. Vo Tri Thanh, former deputy head of the Central Institute for Economic Management, said that the pact would require more breakthroughs in institutional reform towards establishing a professional, transparent and accountable state administration. "Now that CPTPP has come into force, Vietnam needs to accept the risks and challenges it brings. These … [Read more...] about Trans-Pacific trade pact takes effect in Vietnam
0 Have your say The Scotch Whisky Association has voiced its support for the UK’s potential involvement in a new trade agreement that could boost the sector’s exports. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into force today, will eliminate tariffs on 95 per cent of goods traded between 11 states around the Pacific rim, including Canada, Australia and Japan. CPTPP nations account for 17.8 per cent of Scotch whisky exports and were worth £850 million in 2017/18, an increase of 13.2 per cent on the previous year. Joining the trade bloc could bring significant savings for businesses in the Scotch whisky sector, which face tariff charges on exports to CPTPP countries.The Department for International Trade has laid the groundwork for future trade negotiations to join the CPTPP after the UK leaves the EU.Martin Bell, deputy director for trade at the Scotch Whisky Association said: “The … [Read more...] about Scotch puts down marker for role in Pacific trading bloc
TOKYO/WELLINGTON (Reuters) - From sleepy New Zealand hillsides to sleek Tokyo dining scenes, a bottle of Hawke’s Bay wine shipped to Japan traces an arc that exporters like Nigel Avery see as an avenue for multi-million dollar growth built on a free trade pact. Bottles of wine on the shelf at Sileni Estates vineyard, a New Zealand winery based in the Hawkes Bay region, are seen in this September 10, 2015 handout photo. Sileni Wines Limited Partnership/Handout via REUTERS Avery’s Sileni Estates hopes to gain as the two countries are among a group of 11 ringing the Pacific Ocean that have carved out a tariff-busting deal, just as the United States and China remain enmeshed in trade disputes and business in Europe is racked by Brexit. Even without the United States, pulled out of the accord by President Donald Trump, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) covers an area that houses more than a tenth of the world economy. … [Read more...] about Heard on the grapevine: How Pacific trade pact primes New Zealand…