Image copyright Getty Images The UK Prime Minister, Theresa May, is in Japan for a three-day visit to drum up business and trade opportunities. Her main aim is to try to convince Japan that London and Tokyo are perfect partners for the post-Brexit world.But, here's a Reality Check on why she may find it a hard sell.Building a future trading relationship between Japan and the UK is crucial for the prime minister on this trip. She said her discussions with the Japanese Prime Minister, Shinzo Abe, "will focus on how we can prepare the ground for an ambitious free trade agreement after Brexit, based on the EU-Japan agreement, which I very much hope is nearing conclusion." But she may find that the gap between what she hopes for and the current reality is very wide indeed. May's Japan visit: Step up pressure on North KoreaAston Martin in £500m UK-Japan dealVideo: Is Japan's economy bouncing back?Japan is … [Read more...] about May in Japan: How much does Japan want a UK trade deal?
Media playback is unsupported on your device Media caption'It's a disgrace': Trudeau and Trump spar over dairy US President Donald Trump has told Mexico and Canada he wants to renegotiate - not scrap - the North American Free Trade Agreement. Media reports on Wednesday had suggested Mr Trump was drafting an executive order to end the pact.During his election campaign Mr Trump called Nafta the "single worst trade deal ever" and a "killer" of US jobs.The reversal surprised markets, sending the Mexican peso and Canadian dollar higher after losses earlier this week. 'Disgrace'The White House said it had "agreed not to terminate NAFTA at this time" and that the Mexican and Canadian leaders had "now agreed to proceed swiftly to renegotiate... to enable the renegotiation of the Nafta". Trump's trade agenda: Just what are his priorities? Media playback is unsupported on your device … [Read more...] about Trump won’t scrap Nafta trade deal ‘at this time’
The group have faced a tough few months as they attempted to thrash out a new framework after the US President Donald Trump withdrew America from the pact on his third day in office.But under Tokyo’s new leadership, the remaining member nations, known as the TPP11, have vowed to steam ahead with the pact.Steven Okun, vice chairman of the Asia Pacific Council of American Chambers of Commerce, said work will go ahead “with or without” the US. The TPP-11 countries recognise that a 21st Century, multi-party regional trade agreement in Asia Pacific is very much needed, with or without the United States Steven Okun, vice chairman of the Asia Pacific Council of American Chambers of Commerce He said: “The TPP-11 countries recognise that a 21st Century, multi-party regional trade agreement in Asia Pacific is very much needed, with or without the United States.“All … [Read more...] about REVEALED: The 11 countries that will push ahead with free-trade deal WITHOUT Trump
By Mai Nguyen | HANOI HANOI Every 45 seconds or so, a neatly wrapped VanHeusen dress shirt destined for a J C Penney store in the United States drops off a new production line at a factory north of Vietnam's capital.Next door, rice paddies the size of 40 football fields have been filled for the $320 million textile mill which Hong Kong based TAL Group plans to build so it won't need to import cloth for the shirts.As elsewhere in Vietnam, there has been no sign of an impact on investment plans since U.S. President Donald Trump abandoned the proposed Trans Pacific Partnership (TPP) trade deal which had been expected to benefit Vietnam more than any country.In fact, foreign direct investment rose 6 percent year-on-year to $6.15 billion in the first five months of 2017. Cheap labor is an obvious lure for foreign investors. TAL's chief executive, Roger Lee, said Vietnam also scores highly on middle management, work ethic and government policy. Though the removal of U.S. … [Read more...] about Compelling Vietnam: Foreign investors unfazed by Trump’s trade deal rebuff
By Harry Pearl | SYDNEY SYDNEY The United States has indicated it is open to a free trade agreement (FTA) with New Zealand, New Zealand's trade minister said on Sunday.Todd McClay visited Washington for high-level trade talks with the administration of U.S. President Donald Trump this week, meeting with Commerce Secretary Wilbur Ross, newly appointed U.S. Trade Representative Robert Lighthizer and other advisors to the president.“I've welcomed their interest in an FTA as a demonstration of the good shape our trading relationship is in," McClay said in a statement.McClay said his center right government wants free-trade agreements to cover 90 percent of goods exported by 2030, up from just over half currently, and the U.S. will be an important part of achieving that. Two-way trade between the two countries reached $16 billion in 2016, making the United States New Zealand’s third-largest individual trading partner, according to … [Read more...] about New Zealand optimistic of free trade deal with U.S.
By Leika Kihara NEW YORK (Reuters) – Japan has less room to compromise with the United States under a bilateral trade deal than under a multilateral agreement like the Trans-Pacific Partnership (TPP), its deputy prime minister said, taking a swipe at U.S. attempts to directly pressure Tokyo into opening up heavily-protected markets like agriculture. Taro Aso, who heads Japan for a newly-created bilateral economic dialogue with the United States, said that under TPP, Japan was able to accede to more U.S. demands as it could make up for the losses through agreements with other countries. “In a bilateral deal, you can’t do that. You can’t get back what you lose from a compromise with the United States,” Aso said in a seminar at Columbia University on Wednesday. Aso’s comments underscore Japan’s hopes of avoiding a bilateral free-trade agreement (FTA) with the United States after U.S. President Donald Trump abandoned the 12-nation TPP backed by … [Read more...] about Japans Aso pushes back against US pressure for bilateral trade deal
Washington and Tokyo want to see "concrete results in the near term" regarding improvements in bilateral trade, the two countries said on Tuesday. The economic talks started with Vice President Pence meeting Deputy Prime Minister Taro Aso in Japan, the second stop of his 10-day Asia tour. Japanese government, led by Prime Minister Shinzo Abe, is still reeling from the US decision to drop the ambitious Trans-Pacific Partnership trade deal. TPP was intended to create a massive free trade zone including the US, Japan and 10 other nations, and counterbalance China's economic footprint. However, US President Donald Trump decided to pull out of the deal, saying it was bad for American workers. US imports more than it exports to Japan The TPP was a "thing of the past" for the US, Pence reaffirmed on Tuesday. At the same time, he hinted that a free trade deal was still in the cards between the two countries. "Today we are beginning a process of economic dialog," he said in Tokyo. "At some … [Read more...] about Pence: Talks between US and Japan could lead to free trade deal | News | DW.COM | 18.04.2017
TOKYO: The US and Japan on Tuesday launched economic talks that Vice President Mike Pence said could result in a bilateral trade deal, salvaging some of the progress made in negotiations towards the now-abandoned TPP. “At some point in the future there may be a decision made between our nations to take what we have learned in this dialogue and commence formal negotiations for a free trade agreement,” Pence said at a joint news conference with Deputy Prime Minister Taro Aso. North Korea missile test fails before Pence visit Pence’s comments came as the two countries kicked off talks aimed at achieving a new economic relationship – in line with US President Donald Trump’s vow to focus on bilateral trade deals rather than multilateral ones that he says have damaged the United States.Trump’s decision to scrap the ambitious 12-nation Trans-Pacific Trade (TPP) deal championed by former president Barack Obama was a blow to Japanese Prime Minister Shinzo … [Read more...] about Pence says new US-Japan talks could lead to trade deal – The Express Tribune
By Rosalba O’Brien and Antonio De la Jara VINA DEL MAR, Chile (Reuters) – Ministers and officials representing the 12 countries of the failed Trans-Pacific Partnership, plus China and South Korea, began talks in Chile on Tuesday, but any concrete decision on how a new trade pact might look seemed far off. The TPP, which would have included about 40 percent of the world’s gross domestic product, was effectively torpedoed after U.S. President Donald Trump withdrew the United States from the agreement in January. Chile, a keen free-trade enthusiast and one of the signatories of the original agreement, invited TPP representatives to its Pacific-facing coastal city of Vina del Mar to try to thrash out a way forward. But officials said the conversation is just the beginning of a long and uncertain road. “We see this as an opportunity to have a frank round-the-table conversation to gauge where each of the countries are and then to work out how we might consider what … [Read more...] about As ministers meet on scrapped Pacific trade deal, decisions elusive
President-elect Trump released a video laying out actions he would take on his first day in office on January 20, including his announcement of a full withdrawal of the United States from the Trans-Pacific Partnership by presidential executive order. Trump had campaigned for the US presidency on a pledge to pull out of the 12-nation trade deal, repeatedly referring to it as a job-killing "disaster." "I've asked my transition team to develop a list of executive actions we can take on day one to restore our laws and bring back our jobs," the US president-elect said in a video message outlining priorities for his first 100 days. "On trade, I am going to issue our notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country," he said. "Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores." TPP was a major focus during Barack Obama's presidency. Obama's signature trade initiative was … [Read more...] about Trump says he will withdraw US from TPP trade deal ′on day one′ News DW.COM
Speaking a day after 12 nations signed the Trans-Pacific Partnership (TTP) trade deal in the US city of Atlanta, Prime Minister Shinzo Abe said the landmark deal would benefit Japan and "make our lives richer." An agreement that brings together states that account for fully 40 percent of global economic output and has the potential to expand with the addition of more member nations in the future "is the best possible outcome and in line with the national interest," the prime minister said. The majority of Japanese people and the business sector agreed wholeheartedly with the PM's assessment. A poll taken immediately after the TTP was signed showed that 58 percent of the Japanese public was in support of the deal. Just 32 percent said they were opposed. The TPP involves 12 Pacific Rim nations - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam - which account 26 percent of world trade. The far-reaching deal aims to … [Read more...] about Trans-Pacific trade deal to bring profit, anxiety to Japan Asia DW.COM
President Donald Trump's most consequential foreign policy move so far happened with the stroke of a pen on his first full weekday in office. But as experts put it, the effects of his decision to formally withdraw the United States' from the landmark Trans-Pacific Partnership trade agreement will be felt for years, if not decades, to come. The president's announcement, though largely symbolic in nature, cemented the first piece of his much discussed shift in US trade policy — and foreign relations altogether — from multilateral dealings to one-on-one bilateral creeds. It also crushed the the centerpiece of President Barack Obama's "pivot to Asia," which was lambasted along the campaign trail on both sides of the aisle, severely weakening its popularity in Congress well-before Trump took office. Even those who favored the agreement knew the deal, which was years in the making, was essentially dead for some time. Trump's signature merely served to date its tombstone. … [Read more...] about How Trump killed Obama’s vaunted trade deal — and why it could affect the US for decades
BEIJING (AP) — With his rejection of an Asian trade pact, U.S. President Donald Trump has tackled the first in a promised series of far-reaching policy changes that could inadvertently give China room to assert itself as a regional leader and worsen strains over the South China Sea and Taiwan. The U.S. departure from the Trans-Pacific Partnership could help President Xi Jinping's effort to cast Beijing as a champion of free trade and might increase official interest in a Chinese-led alternative trade deal. The TPP, which excluded China, has been seen as a gambit by Trump's predecessor, Barack Obama, to counter Beijing's influence. It could also strengthen ties with China's neighbors as Beijing prepares for potential challenges from Washington on thorny issues including claims over the South China Sea and the status of Taiwan, the self-ruled island Chinese leaders claim as part of their territory. Here is a look at these issues and what they mean for China. ___ TPP and … [Read more...] about Trump just withdrew the US from a major Asian trade deal — here’s what it means for China
ALL VIEWS Tap to find out The US withdrawal is a body-blow to the Trans-Pacific Partnership ((TPP) agreement. But other nations involved are not about to abandon their commitment to free trade. Japan is the only country to have actually ratified the TPP. Having led the push for the partnership, Prime Minister Shinzo Abe said he believed President Donald Trump also recognises the importance of free and fair trade. He told parliament of his hopes to appeal to the Trump administration for their understanding on the TPP’s strategic and economic significance. But, fulfilling a campaign pledge, Trump signed an executive order in the Oval Office on Monday pulling the United States out of the deal and distancing the US from its Asian allies. Japan’s PM Abe has touted the deal as an engine of economic reform, as well as a counter-weight to a rising China, which is not a member of the pact – for now. China has proposed a counter pact, the Free Trade Area of the Asia … [Read more...] about Could China replace US in Trans-Pacific Partnership trade deal?
In a move seen as distancing America from its Asian allies, Donald Trump has formally withdrawn the United States from the 12-nation Trans-Pacific Partnership on Monday. Fulfilling a campaign pledge, the new president signed an executive order on Monday pulling the US out of the trade deal, a key pillar of Barack Obama’s Asia policy. “We are going to have trade, but we’re going to have one on one. And if somebody misbehaves, we’ll send them a letter of termination. 30 days and they will either straighten it out or we’re gone,” Trump threatened. Trumps scrapping of the TPP trade deal has increased speculation over the future of the North American Free Trade Agreement (NAFTA). In Mexico, president Pena Nieto underlined the importance of open dialogue with the new administration in Washington. “Neither confrontation nor submission. Dialogue and negotiation are the solution,” Pena Nieto said. Trump, who has threatened to impose tariffs … [Read more...] about Trump dumps the TPP trade pact as fears grow for the future of NAFTA.
Representatives of the countries negotiating the Regional Comprehensive Economic Partnership (RCEP) agreement are meeting in Indonesia from December 2-10 for the 16th round of talks. The deal brings together the 10 members of the Southeast Asian grouping ASEAN plus China, India, Japan, South Korea, Australia and New Zealand, but notably excludes the US. The RCEP pact has gained increased prominence following the US President-elect Donald Trump's announcement to pull his country out of the Trans-Pacific Partnership, a 12-nation mega free trade deal that was meant to be a key plank of President Barack Obama's "pivot" to Asia policy. In this context, DW spoke to analyst Jacob Funk Kirkegaard about the significance of the RCEP pact and the main sticking points that have to be overcome by the negotiating countries to reach an agreement on the deal. DW: What are the key aims of the RCEP? Jacob Funk Kirkegaard:The key aim of the RCEP free trade agreement is to lower tariffs among the … [Read more...] about RCEP free trade deal is ‘no substitute for the TPP’
Chinese President Xi Jinping called on Wednesday for countries to sign up for Beijing's regional trade agreement at the annual Asia-Pacific Economic Cooperation (APEC) summit in Manila. "With various new regional free trade arrangements cropping up there have been worries about the potential of fragmentation," Xi told an audience of business leaders in the Philippine capital. The Chinese president said he would therefore speed up the process of implementing the Free Trade Area of the Asia-Pacific (FTAAP), Beijing's alternative to Washington's free trade agreement for the region, the Trans-Pacific Partnership (TPP). US President Barack Obama was also in Manila to promote his trade deal, which was agreed upon last month but now faces a tough battle in the US Congress. The 11 other members of TPP were also at APEC to extol the virtues of the pact, which, if passed, would be the largest free trade deal in the world. Dueling deals TPP has drawn criticism from China and Russia, both of … [Read more...] about Beijing pushes against US-led Pacific trade deal at APEC summit
President-elect Trump released a video laying out actions he would take on his first day in office on January 20, including his announcement of a full withdrawal of the United States from the Trans-Pacific Partnership by presidential executive order. Trump had campaigned for the US presidency on a pledge to pull out of the 12-nation trade deal, repeatedly referring to it as a job-killing "disaster." "I've asked my transition team to develop a list of executive actions we can take on day one to restore our laws and bring back our jobs," the US president-elect said in a video message outlining priorities for his first 100 days. "On trade, I am going to issue our notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country," he said. "Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores." TPP was a major focus during Barack Obama's presidency. Obama's signature trade initiative was … [Read more...] about Trump says he will withdraw US from TPP trade deal ‘on day one’
Speaking a day after 12 nations signed the Trans-Pacific Partnership (TTP) trade deal in the US city of Atlanta, Prime Minister Shinzo Abe said the landmark deal would benefit Japan and "make our lives richer." An agreement that brings together states that account for fully 40 percent of global economic output and has the potential to expand with the addition of more member nations in the future "is the best possible outcome and in line with the national interest," the prime minister said. The majority of Japanese people and the business sector agreed wholeheartedly with the PM's assessment. A poll taken immediately after the TTP was signed showed that 58 percent of the Japanese public was in support of the deal. Just 32 percent said they were opposed. The TPP involves 12 Pacific Rim nations - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam - which account 26 percent of world trade. The far-reaching deal aims to … [Read more...] about Trans-Pacific trade deal to bring profit, anxiety to Japan
The Trans-Pacific Partnership (TPP) got a chilly reception in Washington on Monday from members of the US Congress, indicating it may have a tough slog ahead. US President Barack Obama, who made the TPP one of the pillars of his foreign policy agenda as part of a focus on Asia, must now push the measure through Congress. It would liberalize trade in a wide swath of countries from Chile to Japan, covering about 40 percent of the global economy. "While the details are still emerging, unfortunately I am afraid this deal appears to fall woefully short," Senator Orrin Hatch, a key Republican voice on international trade, said Monday. Even Democrats - alarmed that the deal will erode environmental regulations and export more US jobs overseas - have also urged caution. House Democrat Louise Slaughter vowed to work with her counterparts in Canada and Australia to derail the deal, which she said would allow the import of unsafe foods and restrict access to affordable medicine. The deal … [Read more...] about Skeptical US Congress weighs TPP trade deal