Japan rekindles TPP as Indian farmers reject RCEP 

Japan rekindles TPP as Indian farmers reject RCEP 

21/04/17

Paul Nicholson, Corporate Services Manager

Japan’s Deputy PM Taro Aso will seek to revive the Trans Pacific Partnership (TPP) without US support after the Trump administration withdrew from the 11 nation deal covering Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, reports the Strait Times.

Hiroshige Seko, Minister of Economy, Trade and Industry, has put forward proposals with ASEAN economic ministers, and Singapore is ready to sign if there is agreement among the group of nations according to the Nikkei Asian Review.

Vietnam and Malaysia could prove a stumbling block to a final deal however, as they see access to the US market as the key advantage in the TPP.

In India, southern farmers and labour groups have protested against the Regional Comprehensive Economic Partnership (RCEP), claiming the deal will damage local trade. “Cheap imports of palm oil, pepper and tea have devastated lives of peasants across South India. The RCEP will further aggravate this crisis” said KT Gangadhar, President KRRS a lobby group for farmers.

India plans to enter the next round of 16 nation RCEP talks in Manila in May. India PM Modi said, in a joint statement with Australian PM Malcom Turnbull in April, “RCEP can provide a boost to regional economic confidence in a time of global uncertainty — but to do so it needs to deliver commercially meaningful outcomes for business” reports Times of India.