Japan’s ambassador to Canada says the Trans-Pacific Partnership still isn’t dead, and wants other countries in the partnership to ratify the deal in spite of the United States’ decision to withdraw from the multilateral trade deal.
Kenjiro Monji told the media he recognized that there are "some concerns over protectionism in the world." He added, "if we stop here, then the momentum to pursue free trade will be stopped."
Despite intense lobbying from Japan and others, U.S. President Donald Trump signed an executive order Monday morning officially removing the United States from TPP, citing concerns that multilateral deals were harming American industries.
After seven years of negotiations, the new president’s move appears to be a final blow for the controversial trade and regulatory deal, which never entered into force but was signed by the U.S., Japan, Canada, Mexico, Australia, New Zealand and six other countries.
Mexico signaled Monday it would seek bilateral deals in the absence of the TPP. Its president, Enrique Pena Nieto, gave a speech that reportedly included a promise to "immediately" seek bilateral deals with TPP partners to "diversify" his country’s trade portfolio. Australia’s trade minister went so far as to suggest the TPP countries could ask China to join the deal instead.
But Japan isn’t ready to move on that just yet. Tokyo notified TPP countries last Friday they had completed the full ratification process in their own legislature. Getting other countries to ratify the deal, Monji said, would send a strong signal to Trump that the TPP retains strategic and economic value.
Related Stories
