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Tag: TPP

  • New Zealand optimistic of reviving TPP trade deal

    New Zealand optimistic of reviving TPP trade deal

    New Zealand will be trying to win over other members this weekend when TPP ministers get together in Hanoi on the sidelines of an APEC meeting.

    New Zealand is increasingly optimistic that the 11 remaining countries of the Trans-Pacific Partnership (TPP) will move ahead with the trade deal despite the withdrawal of the United States, Trade Minister Todd McClay said.

    Alongside Japan, New Zealand will be trying to win over other members this weekend when TPP ministers get together in Hanoi on the sidelines of an Asia-Pacific Economic Cooperation (APEC) meeting.

    “I don’t think we should expect any big decision from that ministerial meeting, but certainly I would hope for a very clear direction as far as the process is concerned,” McClay told.

    U.S. President Donald Trump dumped membership of the TPP as one of his first acts in an “America First” policy aiming at bringing manufacturing jobs back to the United States.

    McClay said he thought the original timetable for members to ratify TPP by next March still made sense. So far, only Japan and New Zealand have ratified the deal, but McClay said he believed others would follow.

    “I’ve been talking to many of them and visiting a lot of countries. They all have said at this stage they’re interested in the process and want to stick with it,” he said.

    Among the biggest challenges is keeping Vietnam and Malaysia on board. Their main benefit from TPP would have been greater access to U.S. markets. Without that, there is less impetus for them to make tough reforms on everything from freeing labour rights to strengthening intellectual property protection.

    McClay visited both countries recently.

    “It certainly feels like there is greater interest in moving forward today then there was a couple of months ago,” McClay said.

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  • Indonesia moves away from TPP because of Trump triumph

    Indonesia moves away from TPP because of Trump triumph

    The Indonesian government has said it will not be in a hurry to seek membership of the US-led Trans-Pacific Partnership (TPP) trade deal following the election of Republican Donald Trump as the country’s president.

    The decision was made considering Trump’s promise on the campaign trail to scrap the TPP, a multinational trade deal between the US and countries in the Asia-Pacific.

    “We are still calculating the costs and benefits of the TPP. This kind of agreement requires thorough negotiation and recently the discussion was getting stressful,” Trade Minister Enggartiasto “Enggar” Lukita said on Friday during a media briefing in Jakarta.

    He explained that problems persisted because each country had its own “ego” in expressing its needs through the mega trade deal.

    President Joko “Jokowi” Widodo expressed his intention to join the 12-member trade bloc last year.

    The TPP, which covers 40 percent of global gross domestic product (GDP), was signed by Brunei Darussalam, Canada, Australia, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore the US and Vietnam.

    The trade deal has not been ratified by the US Congress.

  • Jetro helping convenience stores

    Jetro helping convenience stores

    Four major convenience store chains in Japan are teaming up with a government-related body to work on expanding their businesses overseas.

    FamilyMart, Lawson, Ministop and 7-Eleven Japan have formed a council with the Japan External Trade Organization (Jetro) to accelerate their establishment of branches overseas after the Trans-Pacific Partnership (TPP) goes into effect, reports the Sankei Shimbun.

    With the TPP easing restrictions on foreign distributors entering into the markets of partner countries such as Vietnam and Malaysia, the convenience stores hope to devise a system that will enable them to sell Japanese processed food products and commodities in overseas markets.

    Jetro’s task will be to work with foreign governments to resolve problems and collect relevant retail information. It will also help the convenience store chains find partner companies in Asian countries.