TPP rides again after blow from US exit
US president Donald Trump steered his nation out of the twelve-nation Trans-Pacific Partnership, TPP. Now it seems that the remaining eleven are moving forward surprisingly well.
In a long article, magazine Treasury Today tells the story of how the remaining eleven nations in the TPP have risen again after being hit by the US exit. With the US included, the pact would have made up 40 percent of the world economy.
“The TPP-11, however, have picked themselves up and dusted themselves down, forging ahead without the US,” writes Treasury Today.
Starting eleven
In December 2018 they officially relaunched themselves with an extended name: the CPTPP – for The Comprehensive and Progressive Trans-Pacific Partnership. Its nations are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
According to Treasury Today, many are now hoping that the CPTPP will help “champion an open, liberal, rules-based trading system” in the light of the current global threats against multilateralism.