Pacific nations push ahead with TPP, final version of trade deal released

A deal to cut trade barriers in some of Asia-Pacific’s most advanced economies took a big step forward on Wednesday with the release of its final version.

The Trans-Pacific Partnership (TPP) has suffered complications after Donald Trump pulled the United States out of the proposed deal early in his presidency, leaving the remaining 11 nations to finalise an amended version of the pact, called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The amendments include the removal of many rules which were originally included at the behest of Washington.

Kimberlee Weatherall, professor of law at the University of Sydney, said: "The big changes with TPP 11 are the suspension of a whole lot of the provisions of the agreement. They have suspended many of the controversial ones, particularly around pharmaceuticals."

The deal, which will reduce tariffs in trade between the members, is expected to be signed in Chile on 8 March, before coming into force in late 2018 or early 2019.

Steven Cibio, Australia’s minister for trade, said in a statement: "The TPP-11 will help create new Australian jobs across all sectors - agriculture, manufacturing, mining, services - as it creates new opportunities in a free trade area that spans the Americas and Asia."

The 11 members of the partnership are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.