Text of revised cross-Pacific trade deal released

Vastavam web: Details of a revamped cross-Pacific pact aimed at slashing trade barriers were released Wednesday amid a renewed push for the United States to rejoin the 11-nation deal.New Zealand unveiled the official text of the Trans-Pacific Partnership, or TPP-11, which had to be redrawn after Donald Trump rejected it last year just days into his presidency.”New Zealand has been working hard to see the text made public as quickly as possible,” Parker said, adding that changes to the original document included the suspension of 22 items relating to areas such as intellectual property and taxpayer subsidised medicine.

Australian Trade Minister Steve Ciobo said the landmark agreement would eliminate more than 98 percent of tariffs in a trade zone with a combined GDP of some US 13 trillion.However, that figure would be closer to 40 per cent if the United States was included, an outcome some lawmakers in Trump’s own Republican party are reportedly pushing for.

The Washington Post said yesterday that 25 Republican senators had written to Trump urging a rethink.”We encourage you to work aggressively to secure reforms that would allow the United States to join the agreement,” they wrote in a letter cited by the newspaper.Trump has not ruled out a U-turn, despite referring to the TPP as “a disaster” during his election campaign, believing the accord would punish US workers by allowing companies to hire cheaper labour abroad.
In an address to the World Economic Forum in Davos last month he said the US would consider negotiating with the TPP bloc but “only if is in the interests of all”.