Japan, Canada and New Zealand hail global trade with revamped Pacific trade pact

17 May 2019
2019-05-17 11:35

Countries aligned to a landmark 11-nation trade deal hailed the opportunities the deal presented for member states amidst rising protectionism. At a meeting in Santiago on Thursday, representatives from New Zealand, Canada and Japan praised the revised Comprehensive and Progressive Agreement for Trans-Pacific Partnership and its ambitions to slash tariffs across much of the Asia-Pacific region.

The deal reduces tariffs in economies that together amount to more than 13 percent of global gross domestic product - a total of $10 trillion. If the United States were included, it would have represented 40 percent. U.S. President Donald Trump last year said he would consider rejoining the trade agreement if the terms were more favorable to the United States.

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