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TPP Can’t Be Redone to Please U.S., Chilean President Says

Posted February 27, 2018

Under Economic Issues, International Trade Issues

(Hudetake Miyamoto – Nikkei Asian Review)

The U.S. must accept the Trans-Pacific Partnership essentially as is if it hopes to rejoin the trade pact, Chilean President Michelle Bachelet said Monday, as the 11 remaining members prepare to sign their own version of the deal in March.

The president spoke to The Nikkei during a visit to Tokyo. Chile was one of the four parties to an agreement that eventually resulted in the 12-member TPP, signed in 2016. On March 8, all members but the U.S. will gather in Santiago, the South American nation’s capital, to sign the so-called TPP 11 bringing into effect many provisions of the broad trade pact. The U.S. withdrew from the TPP in January 2017, right after President Donald Trump took office.

While the TPP 11 entails compromises over which provisions of the original pact should remain in the U.S.’s absence, the final agreement satisfies everyone, Bachelet said. When it takes effect, the pact will cover nations that represent 13% of global gross domestic product. This will send the message that an “open economy” and the “integration of countries are very important,” she said. Click here to read more.