The biggest trade deal in history was signed yesterday, yoking 12 Pacific rim countries in a US-led initiative aimed at wresting influence from booming China.
The ambitious Trans-Pacific Partnership (TPP) aims to slash tariffs and trade barriers for an enormous 40 percent of the global economy — but pointedly does not include Beijing.
“TPP allows America — and not countries like China — to write the rules of the road in the 21st century,” US President Barack Obama said after the pact was signed in New Zealand.
Photo: AFP
The deal — whose birth was fraught by domestic opposition in the US and in other key players, such as Japan — is a key plank of Obama’s so-called “pivot” to Asia, as he seeks to counter the rising power of China.
Along with a rebalancing of the US military machine toward the western Pacific, the TPP is recognition of the growing might of China, which has come to dominate the region, threatening US influence.
Supporters of the deal say harnessing the power of free trade in such a dynamic part of the world is vital if the US is to fend off China’s challenge to its supremacy.
Trade ministers from 12 participating countries — Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam — signed the pact in Auckland early yesterday.
Beijing was muted in its reaction to the deal, saying its officials were studying the 6,000-page document.
China’s Ministry of Commerce statement said Beijing would “actively participate in and facilitate highly transparent, open and inclusive free-trade arrangements in the region.”
Despite Obama’s comments, the US has also sought to play down any overt anti-China rhetoric.
US Trade Representative Michael Froman said the agreement was “never directed against” any specific country and “it’s important to have a constructive economic relationship” with China.
Although the signing marks the end of the negotiating process, member states still have two years to get the deal approved at home before it becomes legally binding.
“We will encourage all countries to complete their domestic ratification processes as quickly as possible,” New Zealand Prime Minister John Key said. “TPP will provide much better access for goods and services to more than 800 million people across the TPP countries, which make up 36 percent of global GDP.”
However, ratification may prove far from easy, notably in the US, where poisonous election-year politics are likely to stymie co-operation over a deal opponents have spun as a job killer.
In Japan — the second-biggest economy in the bloc — mainstream politicians and economists have generally supported the TPP as positive for Tokyo’s export-driven growth, despite concerns over its impact on its prized agriculture industry.
The Canadian government, which has changed since the deal was negotiated, signed up yesterday, but has yet to decide whether to go through with ratification.
A car bomb killed a senior Russian general in southern Moscow yesterday morning, the latest high-profile army figure to be blown up in a blast that came just hours after Russian and Ukrainian delegates held separate talks in Miami on a plan to end the war. Kyiv has not commented on the incident, but Russian investigators said they were probing whether the blast was “linked” to “Ukrainian special forces.” The attack was similar to other assassinations of generals and pro-war figures that have either been claimed, or are widely believed to have been orchestrated, by Ukraine. Russian Lieutenant General Fanil Sarvarov, 56, head
SAFETY FIRST: Double the number of police were deployed at the Taipei Marathon, while other cities released plans to bolster public event safety Authorities across Taiwan have stepped up security measures ahead of Christmas and New Year events, following a knife and smoke bomb attack in Taipei on Friday that left four people dead and 11 injured. In a bid to prevent potential copycat incidents, police deployments have been expanded for large gatherings, transport hubs, and other crowded public spaces, according to official statements from police and city authorities. Taipei Mayor Chiang Wan-an (蔣萬安) said the city has “comprehensively raised security readiness” in crowded areas, increased police deployments with armed officers, and intensified patrols during weekends and nighttime hours. For large-scale events, security checkpoints and explosives
PUBLIC SAFETY: The premier said that security would be tightened in transport hubs, while President Lai commended the public for their bravery The government is to deploy more police, including rapid response units, in crowded public areas to ensure a swift response to any threats, President William Lai (賴清德) said yesterday after a knife attack killed three people and injured 11 in Taipei the previous day. Lai made the remarks following a briefing by the National Police Agency on the progress of the investigation, saying that the attack underscored the importance of cooperation in public security between the central and local governments. The attack unfolded in the early evening on Friday around Taipei Main Station’s M7 exit and later near the Taipei MRT’s Zhongshan
REBUFFED: In response to Chinese criticism over recent arms sales, Washington urged Beijing to engage in meaningful dialogue instead of threats and intimidation Washington’s long-term commitment to Taiwan would not change, the US Department of State said yesterday, urging Beijing to stop pressuring Taiwan and engage in meaningful bilateral dialogues. The remarks came in response to a backlash from Beijing about Washington’s latest approval of arms sales to Taiwan. The US Defense Security Cooperation Agency said in a statement on Wednesday that the Taipei Economic and Cultural Representative Office in the US has asked to purchase an arms package, including Tactical Mission Network Software; AH-1W helicopter spare and repair parts; M109A7 self-propelled howitzers; HIMARS long range precision strike systems; tube-launched, optically tracked, wire-guided missiles; Javelin
RSS