Canada's Trudeau says still more work to be done on TPP

Canada's Trudeau says still more work to be done on TPP

Canada's Trudeau says still more work to be done on TPP

Moving ahead with TPP would be a boost for the principle of multilateral trade agreements after U.S. President Donald Trump ditched it this year in favor of an "America First" policy that he reiterated at an Asia-Pacific summit in Vietnam.

Negotiations have been revived on the Trans-Pacific Partnership, which has floundered since the United States rejected the deal in January.

The 11 counties remaining in the trade pact rejected by President Donald Trump have been working to revise the deal to allow them to proceed without USA involvement.

The Trudeau government, on the other hand, wanted to throw some sand in the gears.

"We were not going to be rushed into a deal", Trudeau told reporters at his closing APEC news conference on Saturday, echoing warnings he had issued repeatedly over the course of the week. It has been playing hardball on TPP talks for some time. The compromise was delayed by last-minute disagreements that prevented the TPP leaders from meeting to endorse a plan on Friday. And they knew they had some allies.

Chief Cabinet Secretary Yoshihide Suga declined to comment on how Japan would be involved in letting the United States return to the TPP, saying that a final agreement on the TPP-11 should wait until TPP leaders' meeting that kicks off later Friday.

That's where Mexico fit in.

He added that he met earlier in the day with Canada's special envoy to Myanmar, Bob Rae, who visited the region.

As an example, the official noted Canada's unique situation among TPP economies of having a deeply integrated auto-supply chain with another country.

"We have witnessed changes more rapid and complex than we expect", he said in opening remarks.

In a speech hours before at the summit, President Trump emphasized his hard line on multilateral trade deals, declaring that the US would not be "taken advantage of anymore." the which has informed his threats to pull out of NAFTA.

But after a lengthy delay, Japanese Prime Minister Shinzo Abe entered the room to announce the signing was off because Mr Trudeau would not attend. But this meeting lasted more than twice as long as the Mexico bilateral, a sign of tough talk.

The 11 remaining TPP economies, including Canada, have been trying to salvage the deal after U.S. President Donald Trump pulled out earlier this year.

After the meeting, Trudeau and Abe were supposed to walk a short distance to a scheduled TPP leaders' meeting.

The official said the countries should take more time to get the whole deal right - and to raise the bar. "The overall impact on most firms is quite modest", said Deborah Elms of the Asian Trade Centre think-tank, adding that the new version was "essentially identical to the original document". It cut into the planned TPP leaders' meeting and kept the other leaders waiting for them in the room. Ottawa was also dissatisfied with the way Japan had chaired the TPP meetings, the source said.

It has been reported the no-show was a scheduling misunderstanding. The official disputes the notion it was a snub because the leaders would mingle at APEC events over the next 24 hours anyway.

"Canada's response is not surprising, given all (previous) outcomes were negotiated with the dominant USA economy at the table", said Adam Taylor, a former aide to Conservative trade minister Ed Fast and a principal at Export Action Global, an Ottawa-based trade consultancy. He said it was clear there would be a need for further changes but that differences had been narrowed down.

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