Abe to continue TPP push despite signs it’s stillborn

[chahlley]

(Americas Today Saturday 12 November 2016)

Abe to continue TPP push despite signs it’s stillborn

President-elect Donald Trump walking with Senate Majority Leader Mitch McConnell (left),

Vice-President-elect Mike Pence (far left), and his wife Melania Trump

on Thursday at Capitol Hill in Washington. Photo: AP

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Published: 4:00 AM, November 12, 2016

TOKYO — Japan’s Prime Minister Shinzo Abe said yesterday he will continue to urge the United States to ratify the Trans-Pacific Partnership (TPP), after US Senate leaders said the trade deal would not come up for a vote in Congress before President-elect Donald Trump takes office in January.

Mr Abe said just as Japan’s Upper House began deliberations on ratifying the agreement that he will “take every opportunity” to persuade the US and other signatory nations to quickly complete domestic procedures needed for the ratification.            

“I want us to lead the way to build momentum for the TPP to come into force,” he said. Mr Abe — who has made the TPP a pillar of his economic platform to revive Japan’s key exports sector — is expected to raise the matter when he meets Mr Trump in New York next week.

Both Mr Trump and his Democratic rival Mrs Hillary Clinton have strongly voiced their objections to the 12-nation trade deal, which covers about 40 per cent of the world’s global output and is now pending ratification. Mr Trump excoriated TPP on the campaign trail as a “disaster” and “a rape of our country”, tapping into populist anger at globalisation, trade and manufacturing job losses that helped propel his candidacy.

Besides Japan and the US, the TPP includes 10 other countries: Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The trade pact is a key plank of outgoing US President Barack Obama’s pivot to Asia and he has pledged to use the little remaining time of his term to win congressional approval for the agreement. But that looks unlikely, after Republican congressional leaders confirmed on Thursday night that the TPP is essentially dead.

Senate Majority Leader Mitch McConnell said a flat “no” when reporters asked if the pending TPP would be considered in the lame duck Congress that convenes next week. That is when the US Congress meets after a successor is elected but before the new president’s term begins. Mr Trump will only be sworn in Jan 20.

“I think the President-elect made it pretty clear he was not in favour of the current agreement,” said Mr McConnell, adding that any decisions on TPP or other future trade agreements would be up to Mr Trump, who would still have the authority for four more years to negotiate “better deals” with expedited approval procedures in Congress.

Last month, Singapore’s Prime Minister Lee Hsien Loong said a failure by the US to ratify the TPP will be a big blow to America and its credibility. “That would be a very big setback for America,” he had said in an interview with Time magazine editor-at-large Ian Bremmer. “Your standing goes down with many countries around the world.”

When contacted, a spokesperson for Singapore’s Ministry of Trade and Industry said yesterday the Republic will continue to work with the US and other TPP parties to realise the benefits of the agreement, noting that the pact is a “high-quality” trade pact that will promote growth opportunities and job creation in the member countries.

“Singapore and the US are like-minded partners, who share robust and long-standing bilateral economic relations. The US enjoys a healthy trade surplus with Singapore, and our companies have created good jobs in both countries,” said the spokesperson.

“Singapore congratulates President-elect Donald Trump on his victory, and looks forward to working constructively with the US to strengthen our partnership and increase mutual benefits for our businesses and people.” AGENCIES