New Zealand releases text of revised Pacific trade deal

Full text of CPTPP released

25 Republican senators sent a letter to President Donald Trump asking him to get the USA back into the Trans-Pacific Partnership trade agreement.

The effort is led by Senator Steve Daines of Montana, who says the group "is committed" to expediting the trade nominees needed to rejoin TPP on the Senate floor.

The number and content of those side letters would not be announced before the Chile signing, Parker said.

Those changes included the suspension of 22 items in the earlier agreement.

Many of these changes had been inserted into the original TPP 12 at the demand of US negotiators, such as rules ramping up intellectual property protection of pharmaceuticals, which some governments and activists anxious would raise the costs of medicine.

Trump suggested during an interview in January that the USA could get back into the deal if more favorable terms were presented, but no formal talks have been announced.

The NIA says the withdrawal of the United States from the deal a year ago has allowed the suspension of a number of provisions that had originally concerned New Zealanders, including those related to intellectual property, pharmaceuticals and investment.

"An improved TPP would therefore bolster and sustain the economic growth America has experienced over the past year facilitated by the regulatory reductions and reforms enacted by your Administration and the substantial tax cuts that you signed into law", the letter states.

Huh. I wonder what finally prompted so many of them to do this?

While Trump indicated at last month's annual meeting of the World Economic Forum in Davos that the U.S. might be interested in rejoining if offered a better deal, Parker said today there was "unlikely in the next few years".

The 11 countries involved areNew Zealand, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, and Viet Nam.

"The (Malcolm) Turnbull government wants to see this landmark agreement enter into force as soon as possible so Australian farmers, businesses and manufactures can enjoy its benefits", he said.

"Over 600,000 New Zealand jobs directly depend on global trade". Visit MarketWatch.com for more information on this news.

An economic analysis released by the Canadian government on Wednesday said the pact would provide exporters with tariff savings of C$428 million ($338 million) per year.

Whereas the NIA for the TPP estimated "at least" an additional one percent increase to GDP at full implementation ($2.7 billion), the CPTPP analysis estimates an increase of between 0.3 percent ($1.2b) and one percent ($4b).

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