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TPP members agree on core elements of new deal

The US President, Trump, discussed bi-lateral trade relations with leaders of mainland China, Vietnam, the Philippines and other US trade partners, during his two-week trip to Asia but seemed to have made no headway as no specific takeaways were in his basket. Simultaneously, the 11 members of the Trans- Pacific Partnership strove towards modifying and implementing the TPP agreement. While President Trump said at the APEC summit in Vietnam to “Make bi-lateral trade agreements with any Indo-Pacific nation that wants to be our partner and that (they) will abide by the principles of fair and reciprocal trade,” it is doubtful whether his apparent attempt to strengthen US trade and economic relations with Asia, including mainland China, will produce any meaningful results.

The President stressed the importance of ‘rebalancing’ trade relations with China in a way that “strengthens American jobs and exports.” He also called on the Chinese government to guarantee “fair and reciprocal treatment” to US companies, provide greater market access to U.S. exports and firms and speed up implementation of market-oriented reforms to reduce its trade surplus with the US. Trump criticised government intervention in mainland Chinese economy, which he said “has caused stresses in the global trading system,” and stated that the US “will use all available trade remedies to create a level playing field for US workers and businesses.”

The US Commerce Secretary, Wilbur Ross, welcomed the signing of business deals between the US and mainland Chinese companies valued at over $250 billion that are expected to “bring thousands of new jobs to America” by increasing U.S. exports to the mainland and stimulating investment throughout the US.

 
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