TPP revival suggested in sidelines of APEC

Trade Ministers from the 11 countries still involved in the Trans-Pacific Partnership (TPP) met in Hanoi over the last few days in a bid to save the trade deal after the US confirmed that it will not reverse its decision to withdraw.

Those countries still involved are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The volume of trade between the remaining countries is barely a quarter of the level it would have been if the US had stayed in the pact. For countries like Malaysia and Vietnam, who made promises of major reforms with the anticipation of gaining better access to the US market, the proposed deal now looks less attractive, posing questions about its future.

Malaysia’s Trade Minister has said that they will continue to be involved in the upcoming discussions, but will need to evaluate the economic opportunities of the TPP without the US. See more from the Malaysian press here.

Senior officials from each of the respective countries will meet in Japan in July to assess options.