New Trade Deal Could Hurt NAFTA

Jacinda Ardern confirmed the wording looked set to finally be made public along with a report explaining its effects on New Zealand

New Trade Deal Could Hurt NAFTA

Almost half of the U.S. Senate's 51 Republicans urged President Trump to revive talks with Japan, Canada, Australia and eight other countries on a trade deal the White House rejected previous year.

The effort is led by Senator Steve Daines of Montana, who says the group "is committed" to expediting the trade nominees needed to rejoin TPP on the Senate floor. It is expected to be signed in Chile on March 8.

More than 20 provisions have been suspended or changed in the final text ahead of the deal's official signing in March, including rules around intellectual property originally included at the behest of Washington.

Trump pulled out of the agreement a year ago, saying the deal, agreed to by former President Barack Obama, was a "disaster" for the United States.

The 25 GOP lawmakers sent a letter to Trump on Friday saying they support his recent comments that he may consider USA participation if the 11-nation Asia-Pacific pact is improved.

Up until then, Trump had said he only wanted to do unilateral deals between the United States and one other country.

"The strategy that we put in place in Government with the other TPP countries was to do the deal, hold back a lot of the things the United States wanted to entice them back to the party". "If we did a substantially better deal, I would be open to TPP".

The federal government says the trade pact covers 495-million people with a combined gross domestic product of $13.5 trillion, or 13.5 per cent of global GDP.

Huh. I wonder what finally prompted so many of them to do this?

Parker said the government could give itself "4.5 out of 5" for its efforts to improve the deal in New Zealand's sovereign interests, even though it had not succeeded in stripping ISDS from the agreement altogether.

In an address to the World Economic Forum in Davos last month he said the USA would consider negotiating with the TPP bloc but "only if is in the interests of all".

"The TPP-11 will help create new Australian jobs across all sectors - agriculture, manufacturing, mining, services - as it creates new opportunities in a free trade area that spans the Americas and Asia", said Steven Ciobo, Australia's minister for trade, in an emailed statement.

"On balance, we believe this agreement is clearly in the interests of New Zealand", said Trade Minister David Parker.

Opposition to the trade deal has also been voiced in Chile.

"An improved TPP would therefore bolster and sustain the economic growth America has experienced over the past year facilitated by the regulatory reductions and reforms enacted by your Administration and the substantial tax cuts you signed into law", the letter says.

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