Pacific Rim nations fight to save TPP
China Daily | Updated: 2017-05-22 08:02
HANOI - Asia-Pacific trade ministers agreed on Sunday to try to revive a massive free trade pact, even though the United States reaffirmed its decision to pull out, as fears grow of a new global era of protectionism.
The 12-nation Trans-Pacific Partnership covered 40 percent of the global economy before Trump abruptly abandoned it in January to meet a campaign pledge to save American jobs, which he says have been sucked up overseas.
Japan, Australia and New Zealand are leading efforts by the so-called TPP 11 to resuscitate the agreement, convinced it will lock in future free trade and strengthen labor rights and environmental protections.
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