The eleven countries abandoned by the US when it left the Trans Pacific Partnership on January 23 appear seriously divided about what to do next. Beijing continues to suggest their best response is a completely different arrangement centred on China.
I think many of the alleged uncertainties observers forecast for 2017 are badly misconceived.
The 11 remaining nations will continue working on the pact.
The British Brexit debate, and the aftermath of Trump’s election, are bringing out widely contrasting views of China as a business partner. Some are hopelessly naive.
US Congressional committee claims China “violates the spirit and the letter of its international trade obligations”
A US Congressional committee prepared a report before the November 8 elections savagely attacking China’s good faith as a trading partner.
Theresa May keeps insisting “Brexit means Brexit”. But no-one in Britain can agree what Brexit means, how long it’ll take to get there or what Britain’s trade policy will be once it’s out of the EU.
The US Administration admitted on November 11 it no longer expected Congressional ratification of the Trans Pacific Partnership (TPP) during the Obama Presidency. President-elect Trump has already announced abandoning the deal will be among his first acts after his January 20 inauguration.
I simply don’t buy US lobbyists’ conviction the TPP will get ratified this year. Shouldn’t they abandon the attempt?
Why is the TPP (and with it the TTIP and the TiSA) so close to death?
EU announces review of extending its Customs Union with Turkey – but won’t let Turkey into negotiations on TTIP (which Turkey wants to join). It says it will upgrade its free trade deal with Mexico to match its deal with Canada and TTIP – but Americans and some European politicians stay sniffy about its Trade Commissioners’s views on TTIP.
Japan’s announcement of new Rules of Origin for knitwear appear to pioneer a completely new principle among Western countries for duty-free imports.
“Japan is the world largest importer of textile but due to high rate of import duty in Pakistan Japan is not prioritising Pakistan for textile imports to Japan as neighbouring countries of Pakistan like Sri Lanka and India have low ratio of taxes” said the Japanese Ambassador in Pakistan to the Rawalpindi Chambers of Commerce on February 16.
China’s November 11 call for a Free Trade Area of the Asia-Pacific (FTAAP) seems to add yet another grandiose trade plan doomed for oblivion to a puzzling set of projects which all miss the obvious: the agreements traders and consumers actually want.
“WTO report says restrictive trade measures continue to rise in G-20 economies” says another scare-mongering headline from the WTO.
The Australian and Japanese Prime Minsters signed a free trade agreement on July 9, which now needs ratification by both countries’ legislatures.