The major trade deal between 12 nations along the rim of the Pacific Ocean aimed at removing tariffs and other trade barriers, known as the TPP, covered everything from agriculture, carmakers and technology firms.
During his presidential campaign, President Donald Trump officially withdrew the U.S from this alliance and promised to replace the deal with fair bilateral trade deals that will provide jobs and bring industry back to the American shores.
Together, the 12 nations accounted for 40% of the world’s GDP and 26% of the world’s trades. With the U.S out of the plan, there has been some skepticism on how to move ahead with the TPP.
During his recent visit to Japan for talks with Japanese Prime Minister, Shinzo Abe, New Zealand prime minister Bill English said rebuilding a trade agreement that took five and a half years to negotiate would only bring the progress so far to an end and stated even with America out of the picture, “If we can have a trade agreement that engages…the Japanese economy and we can continue the dynamism of the free trade in the region, we will all benefit economically.” And added that both Japan and New Zealand has ratified the TPP indicating the leadership role that both countries can take to support the so-called TPP 11.