Canada's Trudeau says still more work to be done on TPP

Canada's Trudeau says still more work to be done on TPP

Canada's Trudeau says still more work to be done on TPP

Trudeau's muted enthusiasm for a quick deal triggered the harshest barrage of worldwide criticism he's ever faced.

Canadian officials said the TPP was not dead and they were still at the table in Danang.

But negotiators from all countries involved in the Trans-Pacific Partnership, including Canada, held further talks on Friday night.

Heading into APEC, a senior Canadian government official said Ottawa had been anticipating pressure from TPP partners Japan and Australia, two countries that wanted to move forward quickly with sealing the 11-country deal. "It's a significantly different deal without Canada in it".

At the time, Mr Trump said the deal "put the interests of insiders and the Washington elite over the hard-working men and women" of his country.

"The 11 countries led by Japan, we are trying to come up with our new version", Najib said. Under the original TPP, in order for a vehicle to enter Canada tariff-free, 45 per cent of it must have originated in a TPP member nation (auto parts themselves must have a regional content value of 35 to 45 per cent).

However, there is more work to be done before a final agreement in principle is ironed out as 11 Pacific nations seek to salvage a trade deal, which almost sank after President Donald Trump bailed the United States out of the original 12-nation accord, covering 40 per cent of the world's economy.

Trump said he would not enter into large trade agreements, alluding to USA involvement in the North American Free Trade Agreement and the TPP. But a massive gap has emerged between the US and its two North American partners.

According to a draft of the final statement seen by Reuters and due to be released on Saturday, the 11 countries have agreed to the core elements of a deal but more work remains.

"Negotiating by calendar, stopwatch or trying to shoehorn announcements into worldwide summits for logistical ease is antithetical to strategic long-term planning and goes against Canadian interests". But this meeting lasted more than twice as long as the Mexico bilateral, a sign of tough talk.

Asked if TPP was now finished and had lost momentum, Ardern said that would be guess work.

Australia's Trade Minister Steve Ciobo was more diplomatic.

In the end, Canada's Minister for International Commerce Francois-P Champagne said in a tweet Saturday that "after lots of work, big progress on the 'Comprehensive and Progressive Trans-Pacific Partnership'".

"We reconfirmed the agreement from yesterday [Thursday], including all the details of the wording used", Motegi said.

Burney and Mulroney have both briefed Trudeau's current Liberal cabinet on their NAFTA strategy. China is not part of the TPP.

APEC's members are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, the USA and Vietnam.

"What we've been able to achieve is to preserve market access in Japan, we've been able to improve the progressive elements and we've also been able to suspend key sections like intellectual property which our Canadian stakeholders thought would have an impact on innovation", Champagne said.

"Our own interests should, in any event, be the paramount consideration and not tactics in other negotiations".

Meanwhile, Liu Meng-chun (劉孟俊), an economist at Taiwan's Chung-Hua Institution for Economic Research (中華經濟研究院), yesterday said the nation must find a way to join the TPP, and that it must avoid becoming marginalized while also seeking to strengthen its trade relationship with the US.

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