Washington's exit meant a drastic downsizing of the original agreement - which with U.S. involvement represented 40 per cent of the global economy. U.S. Wheat Associates and NAWG are concerned about the deal and want the U.S.to re-enter TPP. As its preamble makes clear, virtually all of the original provisions of the TPP "are incorporated, by reference, into and made part of this Agreement". With 260 million consumers and a GDP of over $3 trillion, Mercosur is the world's fourth-largest trading bloc and Canada has been in exploratory talks with the quartet to join the free trade deal.
The original TPP would have represented roughly 40% of the world's economic output.
"It is a strong signal against protectionist pressures", Chilean Foreign Minister Heraldo Munoz said, according to local news outlet Emol.
The Labour Party, which rejected the previous TPP deal, has trumpeted the revised agreement as an improvement.
Washington's absence leaves an open path for China - which remains excluded from the deal - as it negotiates separately with Asian countries and New Zealand.
The secrecy that shrouded the agreement during global talks also drew intense skepticism from both ends of the political spectrum, despite President Barack Obama's determined pitch for his signature trade initiative.
The final version of the agreement was released in New Zealand on February 21.
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Coming in the same week that Trump risked a trade war over his decision to introduce tariffs on imported steel and aluminum, the deal is seen by some members as striking a blow against protectionism.
Trump, who abandoned TPP because he felt his administration could negotiate better deals one on one, told CNBC earlier this year that he would be open to returning to the agreement if it were "substantially better".
"The value of the TPP 11 is reinforced by the U.S. tariff decision".
Trade ministers and delegates from the remaining members of the Trans Pacific Partnership (TPP) attend the TPP ministerial meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) leaders summit Thursday, Nov. 9, 2017 in Danang, Vietnam.
As well, Trump has threatened to kill the North American Free Trade Agreement renegotiations that are underway with Canada and Mexico.
The Trump administration "thinks they have more leverage than they do, and they are overplaying their hand", Antonio Ortiz-Mena, a former Mexican trade negotiator, told Foreign Policy.
Trump has also threatened to dump the North American Free Trade Agreement unless the other two members of the pact, Canada and Mexico, agree to provisions that Trump says would boost USA manufacturing and employment.
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