Australia has decided to continue its Trans-Pacific Partnership or TPP trade deal even if the United States withdraws its name. Prime Minister Malcolm Turnbull has refused to take his country’s name back from the trade deal. New Zealand, on the other hand, has also joined hands with Australia in moving forward with the deal only along with the US.
Turnbull announced on Tuesday that it was likely for the US to stick to the TPP deal despite President Donald Trump taking the nation’s name back from it. However, he also added that even if America is not there in the deal, Australia will stick to the trade policy. “You have to recognise that his Secretary of State Rex Tillerson has been a long-time advocate for it,” Turnbull told reporters in Canberra. “The Republican Party in the congress have been strong supporters of the Trans-Pacific Partnership. It is possible that US policy could change over time on this, as it has done on other trade deals.”
“The Republican Party in the congress have been strong supporters of the Trans-Pacific Partnership. It is possible that US policy could change over time on this, as it has done on other trade deals.”
The partnership agreement has been established to strengthen trade and economic connections between the US, Malaysia, Singapore, Japan, Vietnam, New Zealand, Brunei, Mexico, Australia, Canada, Peru and Chile. The former American President Barack Obama negotiated the agreement. The deal aimed at covering 40 percent of the economic output of the world.
TPP Has Been on Trump’s List for Long
As Trump indicated earlier, withdrawing the name of the nation from TPP agreement was one of his first executive orders. With the possibility of America taking its name back from the agreement, Australia has already provided a possible name to the new agreement, TPP 12 minus one. Australia’s trade minister Steve Ciobo said that the nation would not abandon the partnership.
“I’ve had conversations with Canada, with Mexico, with Japan, with New Zealand, with Singapore, Malaysia,” he said as quoted by the BBC while discussing new deals at the World Economic Forum on Monday. “I know that there’s been conversations that have been had with Chile and with Peru. So there’s quite a number of countries that have an interest in looking to see if we can make a TPP 12 minus one work,” he added.