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Asian TPP nations pledge to save trade deal

Tuesday, January 24, 2017 - 01:24

Asian Trans-Pacific Partnership trade deal nations pledge to salvage the 12-nation agreement after a U.S. exit. Samantha Vadas reports.

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With the Trans-Pacific Partnership in disarray after the U.S.'s exit it's now up to the 11 remaining members to try and salvage a deal. The door is open for other Asia-Pacific countries to fill the void and Australia is looking to the one superpower that was specifically excluded from the original plan. "We already have a China-Australia Free Trade Agreement. Certainly there is the potential for China to join the TPP," Australian Prime Minister Malcolm Turnbull said on Tuesday (January 24). Whether Beijing wants to oblige is a different question. It's already got its own vision for different trade pacts with China at the heart. And complicating things even more, vital TPP member Japan is determined that any major regional trade deal must be set up as a counter-balance to China's rise. Prime Minister Shinzo Abe on Tuesday saying he's determined to stress the importance of sticking to the original plan. "We believe that President Trump is aware of the importance of free and fair trade. We will continue to calmly seek his understanding for TPP's strategic significance," he said. For it's part, Australia isn't giving up on a U.S.-backed TPP just yet - saying there's a chance that America could change its position over time. One thing's clear right now though, it looks like China holds practically all the cards for free trade in Asia-Pacific.

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