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.

Japan's Shinzo PM Abe reaffirms conviction that TPP benefits Asia-Pacific

Japanese Prime Minister Shinzo Abe's conviction that a Trans-Pacific Partnership (TPP) pact will help bring prosperity to the Asia-Pacific region is unaltered, he said on Tuesday.

After US President Donald Trump pulled out of the 12-nation pact, Japan has been exploring options to revive the pact without the United States, hoping it can eventually convince Trump to reconsider.

Negotiators from the remaining 11 members have sought ways to resuscitate talks and deepen economic ties without a United States that appears increasingly suspicious of multilateral deals.

Abe urged global policymakers not to view trade as a "zero-sum" game, but instead seek to remove barriers that hamper innovation from crossing borders.

"I don't think TPP is losing momentum," Abe said at a seminar hosted by the Wall Street Journal newspaper in the Japanese capital.

"Japan wants to exert leadership so that we can steer the debate toward a clear direction at a ministerial meeting in Hanoi."

However, Abe said he did not rule out the chance of signing a bilateral free trade agreement (FTA) with the United States, an option Washington favours.

"It's among the various options available for Japan," he added. "But we need to discuss more what's best for Japan."

In a sign of hope for Japan, new US Trade Representative Robert Lighthizer will attend a meeting of trade ministers from the 21 Asia-Pacific Economic Cooperation (APEC) countries on Thursday and Friday in the Vietnamese capital of Hanoi.

Many TPP signatories are expected to attend.

Japan's economic revival continues to be Abe's top policy priority, he added.

"We're unwavering in standing ready to continue deploying the three arrows of fiscal, monetary and structural measures" to end deflation, Abe said.
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