Protectionism out of step with the times

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership, signed by 11 countries on either side of the Pacific Ocean in Santiago, Chile, on March 8, is widely believed to be an antidote to US protectionism. At the least, it is a timely wake-up call to US President Donald Trump that his "America First" policy is not only becoming increasingly unpopular but also making the United States lose benefits rather than increasing them.

The CPTPP agreement, a multilateral free trade deal among the signatories to the original Trans-Pacific Partnership agreement excluding the United States, is one of the largest free trade agreements in the world, and demonstrates the participating countries' commitment to trade liberalization, which may offer a strong bulwark against the rising trend of anti-globalization and protectionism in some countries.

Considering the original TPP deal was initiated and painstakingly pursued by former US president Barack Obama only to be abandoned by Trump when he took office, the decision of the other 11 countries, including US allies Japan, Canada and Australia, to revive it can be interpreted as a sign of the US' waning leadership.