TPP Nations Agree To Continue Without US
by Mary Swire, Tax-News.com, Hong Kong
22 May 2017
The remaining eleven signatories to the Trans Pacific Partnership (TPP) pact have agreed to seek an accord without the United States.
Member nations Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Malaysia, Peru, Singapore, and Vietnam met in Hanoi over the weekend to discuss how to proceed following the United States' withdrawal.
The countries said that the US would be welcome to return to the negotiations. But US trade representative Robert Lighthizer said that this was not an option, adding that the country would prefer to seek bilateral trade deals with jurisdictions in the region.
New Zealand Prime Minister Bill English said last week during a visit to Japan that he hoped that a replacement deal would be agreed by the first half of 2018.
The TPP countries last met in Chile in March 2017. Another meeting is planned for November 2017.
Once the agreement is ratified and brought into force in the signatory countries, it will eliminate most tariffs on industrial goods immediately, with tariffs on some sensitive items phased out over longer timeframes.
TPP members have also agreed to eliminate tariffs on textiles and apparel, which are economic growth drivers in several TPP markets. The countries have yet to agree how to take forward the deal however.
To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Big changes Afoot... »
- I.T. is IT! »
- What Is a Registered Agent, and Why You Need a Registered Agent for Your Business? »
- Spring Cleaning? »
- Brexit and Covid and Tax, Oh My! »
- Why is the Hong Kong startup ecosystem growing rapidly? »
- Happy Holidays? »
- COVID Continues To Capture Headlines »
- Taxing The Zeroes And Ones »
- Value Added News... »