SANTIAGO, March 10 — Moving ahead without the United States, 11 countries including Japan signed a revived Trans-Pacific Partnership (TPP) pact in Santiago, Chile on March 8.
But Washington managed to steal the limelight from the mega free trade deal.
On the same day as the new TTP signing, U.S. President Donald Trump set in motion a proclamation imposing heavy tariffs on steel and aluminum imports, which could open the door for other countries to retaliate, sparking fears of a global trade war.
The original TPP was thrown into limbo last year when President Trump pulled the U.S. out of the deal during his first week in office saying he wished to protect American jobs.
Since then, led by Japan, the remaining 11 countries reworked the deal and finalized it in January.
The trade pact, renamed the Comprehensive Progressive TPP (CPTPP), will slash Japanese tariffs on 82 percent of agricultural imports from the 10 Pacific Rim countries.
But at the same time, it will freeze some provisions of the original TPP, demanded by the U.S. They include intellectual property-related clauses.
In a joint ministerial statement released after the signing, the 11 countries welcomed the interest shown by several other economies in the CPTPP.
“This interest affirms our shaped objective of creating a platform that promotes high standards for broader economic integration in the future,” it said.
The CPTPP will enter into force 60 days after six of the 11 countries ratify the deal, a process that involves amending their respective domestic laws.
The 11 countries expressed hope that it will be in effect by the end of the year, instead of early 2019.
Japan now plans to pass related CPTPP legislation during its current parliamentary session.
“Japan will be among the first countries to ratify the deal,” said TPP Minister Toshimitsu Motegi at a press conference after signing.