Final version of Trans-Pacific trade deal out, rules pushed by US on ice

The final version of a landmark deal aimed at cutting trade barriers in some of Asia-Pacific's fastest-growing economies was released on Wednesday, signalling the pact was a step closer to reality even without its star member the United States.

More than 20 provisions have been suspended or changed in the final text ahead of the deal's official signing in March, including rules around intellectual property originally included at the behest of Washington.

The original 12-member deal was thrown into limbo early last year when President Donald Trump withdrew from the agreement to prioritize protecting US jobs.

The 11 remaining nations, led by Japan, finalized a revised trade pact in January, called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It is expected to be signed in Chile on March 8.

The deal will reduce tariffs in economies that together amount to more than 13 per cent of global GDP - a total of $10 trillion.

South China sea: US & China return to 'business as usual' over war ship

The South China Sea is a volatile place – or rather, its politics are.

China, Vietnam, Malaysia, Brunei, the Philippines and Taiwan have been fighting over this azure stretch of the Pacific for more than a century. But tensions increased markedly in recent years as China, claiming the South China Sea as its own, has built on and militarised some 250 islands off the coasts of Vietnam, the Philippines and Taiwan.

Brunei, Malaysia, the Philippines and Vietnam, along with an arbitration tribunal, are now challenging the legitimacy of China’s presence there.

Meanwhile, the United States continues to insist that the sea remains under international control. Presidents Donald Trump and Xi Jinping were supposed to discuss the situation during their first meeting at Mar-a-Lago on April 5, 2017. But the launch of 59 Tomahawks in Syria and growing tensions on the Korean peninsula completely overshadowed the maritime issue.

Two months after that meeting, the US triggered a classic confrontational cycle in the South China Sea. On May 24, the guided-missile destroyer USS Dewey passed through the contested waters and sailed close to Mischief Reef, in the Spratly archipelago.

The island, controlled by China, has become a symbol of the country’s assertiveness since it was occupied in 1995.

The operation was the first military maritime exercise in eight months and the first of Trump’s presidency. Under the Obama administration, starting in 2015, American patrols in the South China Sea were regular practice.
READ MORE