Trans-Pacific Trade Treaty first signed without US participation

The document provides for the elimination or reduction of duties on industrial and agricultural products in the entire block of 11 countries.

Photo: twitter.com/AndresReboll

The foreign ministers of 11 in Asia and the Americas on Thursday, 8 in March, signed the Trans-Pacific Trade Partnership (TTP) in the capital of Chile, reports DW.

The document, called the “Comprehensive and Progressive Agreement for Trans-Pacific Partnership,” provides for the elimination or reduction of duties on industrial and agricultural goods across the entire bloc of 11 countries: Australia, Brunei, Vietnam, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, Chile and Japan. Together they account for up to 13,5% of the world economy; a total of 480 million people live in these countries, the agency recalls dpa.

“New and modern international trade rules are exactly what our country needs, while some countries are prone to protectionism. Who would have thought that we would sign this agreement not in the USA, but in Chile,” he wrote in his Twitter Chilean Energy Minister Andres Rebolledo.

USA withdraws from CCI at the start of 2017

The negotiations on the Trans-Pacific Partnership lasted for several years, the former US President Barack Obama actively supported the creation of this union. However, the new head of the White House Donald Trump immediately after taking office объявил about Washington’s refusal to participate in the TPP, since, according to Trump, it poorly takes into account American interests and does not correspond to the “America First” policy.

Instead of participating in the Chamber of Commerce and Industry, the United States headed for bilateral treaties with each of the partner countries. The members of the Trans-Pacific Partnership hope that in the future the United States will reconsider its policies and join the CCI.

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