Twenty-Five Republican senators have asked President Donald Trump to jump back into Trans-Pacific Partnership (TPP) negotiations, a year after the USA withdrew from the talks, The Hill reports.
Japan's chief negotiator for the Trans-Pacific Partnership (TPP), Kazuyoshi Umemoto, told Reuters that an agreement among the remaining 11 member nations, set to be signed next month, may have had an impact on the United States.
Changes to the original document include the suspension of 22 items relating to areas such intellectual property and taxpayer-subsidized medicine.
Trump sparked a glimmer of hope of the USA rejoining the trade pact when he said he would consider rejoining the deal if it was changed to be made beneficial to the United States.
Trump withdrew from TPP in his first week in office after calling the trade deal a "disaster" and "rape of our country" during his presidential campaign. "They have suspended numerous controversial ones, particularly around pharmaceuticals", said Kimberlee Weatherall, professor of law at the University of Sydney.
"On balance, we believe this agreement is clearly in the interests of New Zealand", said Trade Minister David Parker.
Up until those comments in Davos, the White House has consistently expressed interest in forging only bilateral agreements, instead of more comprehensive deals.
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The success of the deal has been touted by officials in Japan and other member countries as an antidote to counter growing USA protectionism, and with the hope that Washington would eventually sign back up.
The US withdrawal does reduce the economic value to New Zealand of the CPTPP, according to the National Interest Analysis released by the government today.
While the NIA is largely positive about the deal's impact, it does highlight a number of disadvantages, including the Investor State Dispute Settlement (ISDS) mechanism which the coalition partners all opposed in opposition.
An economic analysis released by the Canadian government on Wednesday said the pact would provide exporters with tariff savings of C$428 million ($338 million) per year.
It would lower tariffs - better known as taxes - on goods traded between the United States and 11 other countries in the Pacific Rim (Canada, Mexico, Japan, Australia, New Zealand, Chile, Peru, Malaysia, Singapore, Vietnam and Brunei).
Whereas the NIA for the TPP estimated "at least" an additional one percent increase to GDP at full implementation ($2.7 billion), the CPTPP analysis estimates an increase of between 0.3 percent ($1.2b) and one percent ($4b).