Eleven of America's former Trans-Pacific Partnership negotiating partners signed a landmark new deal without Washington on Thursday.
The 11 nations that negotiated the Trans-Pacific Partnership trade deal with the U.S. have signed a new agreement of their own.
It’s called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and it’s essentially a rewrite of the deal negotiated with the U.S., but with 22 chapters the U.S. previously objected to taken out.
Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics said:
“Well it’s very liberal. It’s as close to a gold standard as you get of a trade agreement these days.”
Gold-standard trade deal it may be, Hofbauer says the new TPP is of no use when it comes to fending off tariffs or other protectionist measures from the Trump Administration:
“This deal does not protect them from errant U.S. misbehavior, including the Trump Administration saying they’re going to review all the trade agreements that the U.S. has.”
Read the full text of the CPTPP agreement here.