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TPP resurrected as nations get set to sign trade deal

TPP resurrected as nations get set to sign trade deal

New Zealand First leader Winston Peters has thrown his party's support behind the revamped Trans Pacific Partnership deal. The official said the side agreement brings into force key commitments made by Japan to Canada and the U.S.in the original deal, but which were lost when the USA pulled out.

More: Among Canada's issues was its desire for an exemption that it said was needed to protect Canadian cultural products from the effects.

The deal, which follows two days of high-level talks in Tokyo, was confirmed by a spokesman for International Trade Minister Francois-Philippe Champagne.

Speaking at the World Economic Forum in Davos, Switzerland, overnight, Canada's prime minister, Justin Trudeau, called the agreement the "right deal".

The deal was a major policy goal for the previous National government, while the Labour Party attempting to renegotiate some of its more controversial elements in November.

Eric Miller, president of Washington-based Rideau Potomac Strategy Group and an adviser on the 2009 auto bailout, said the TPP deal does not undermine Canada's position in the NAFTA negotiations and that it shows the USA that Canada has other options. I've said Canada will not settle for less.

The parties will aim to sign the deal to create one of the world's largest trading blocs by early March, said officials.

More news: The Statue Of Liberty Will Reopen Despite The Government Shutdown

Volpe said the Canadian government should not have signed the TPP deal - or, at least, left the automotive portion out of it - until the uncertainty surrounding NAFTA negotiations was resolved.

"It is a big deal", the prime minister told reporters.

"We made significant progress on the sticking points that we had identified" on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Vietnam in November, the official said. The deal represents the importance of rule-based multilateral trade and a counterweight to U.S. President Donald Trump's penchant for bilateral deals. President Donald Trump withdrew from the TPP as one of his first actions in office in 2017 despite cries from those in the agricultural sector to move forward with the agreement as it offered opportunities for us agricultural goods to lower tariffs and increase market access to the Asian countries.

Canada was concerned about intellectual property protection, language rights and employment and environmental protections in the deal. US, Canadian and Mexican negotiators opened a key, week-long round of talks to modernise Nafta on Tuesday.

Besides Japan, the new deal's partners are Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

Crucial for Canada is access to Japan's market, the third-largest in the world.


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