Trump campaigned against TPP, warning that it would cost US jobs and comparing it to the North American Free Trade Agreement (NAFTA) signed by President Bill Clinton.
As originally drafted, the Trans-Pacific Partnership was a colossal, multinational trade agreement encompassing 12 countries, who together account for 40% of global GDP and 20% of global trade.
By eliminating some 18,000 tariffs and expanding market access across the Pacific region, the deal’s supporters said, it would create major US export and job opportunities.
The deal also included labor, environmental and intellectual property protections sought by businesses and other groups.
While Trump officially withdrew the US, by far the biggest signatory to the deal, from the TPP Monday, no other country has yet made signs of withdrawing from the partnership.
The Regional Comprehensive Economic Partnership (RCEP) is composed of the 10 member states of the Association of Southeast Asian Nations (ASEAN) and six states with which ASEAN has existing free trade agreements.
The deal does not include the US, but both Japan and Australia — signatories to the TPP — are involved. If the RCEP is approved, it would create one of the world’s largest free-trade zones.
The RCEP countries make up 46% of the global population and are worth 24% of global GDP.
However, the deal lacks the protections for labor, human rights and the environment set by the TPP.
So what about NAFTA?
26 January 2017 | 5:33 pm
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