Champagne heads to South America to sign CPTPP and talks on Mercosur

Champagne heads to South America to sign CPTPP and talks on Mercosur

Champagne heads to South America to sign CPTPP and talks on Mercosur

The 11 states represent a market of 500 million people, greater than that of the European Union's single market.

Chile's top trade negotiator, Felipe Lopeandia, said that the group's moving forward after Trump's retreat will "send a political signal to the world and to the United States itself, that this is a global agreement".

The argy-bargy over America's proposed tariffs on steel and aluminium is set to briefly take a back seat as 11 nations sign the Trans-Pacific Partnership trade pact.

In New Zealand, the agreement will go through a select committee process, where the public will get to have their say.

And the Trade Minister is painting the latest TPP trade deal as a middle finger to Donald Trump.

According to the Ministry of Foreign Affairs and Trade's estimates, the deal is expected to give a $1.2 billion to $4b boost to New Zealand's real gross domestic product.

After years of negotiations, the original deal - the Trans-Pacific Partnership, or TPP - was signed in February 2016 by 12 countries that border the Pacific Ocean.

The revised agreement eliminates some requirements of the original TPP demanded by US negotiators, including rules to ramp up intellectual property protection of pharmaceuticals.

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Prime Minister Justin Trudeau and leaders of other TPP nations are about to sign the deal.

The pact will come into force 60 days after it is fully ratified by six of the 11 members.

The signing ceremony on Thursday will be attended by Canada, Mexico, Japan, Australia, New Zealand, Malaysia, Singapore, Vietnam, Peru, Chile and Brunei, and, to a certain extent, it will be an award to their tenacity.

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 European Union said this week that it is ready to retaliate against Trump's tariffs - of 25 percent on imported steel and 10 percent on aluminum imports - with counter-measures against iconic US products like Harley Davidson motorcycles, Levi's jeans and bourbon.

"Canada is seizing every opportunity to secure new markets on better terms for more Canadians and is quickly becoming a country with unparalleled access to the world's most dynamic markets", Champagne said in a statement.

On Thursday, Munoz said CPTPP was not an agreement against anyone and several governments had said they want to join it. Trump has promised an announcement of the tariffs later Thursday.

But Parker told Kate Hawkesby the other countries - including Japan, Canada and Mexico - are standing firm.

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