Trans Pacific Partnership not dead

[Warrigal]

News over here is that 11 countries, including Canada and Mexico, will enter into a revised TPP in March this year.

The new deal would "eliminate more than 98 per cent of tariffs in a free-trade zone, with a combined GDP of $13.7 trillion".

Trade ministers will attend a signing ceremony in Chile in March.

It is understood the deal will include:

• The abolition of all tariffs on seafood, wine, sheep meat, cotton wool and manufactured goods across the region
• New bilateral trade deals for Australia with Canada and Mexico
• Japan speeding up the reduction of import barriers for Australian beef imports
• Japan eliminating several tariffs on Australian cheese imports
• Improved conditions for Australian service exports within the region — such exports were worth more than $18 billion last financial year

The new deal is known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).


"The agreement will deliver 18 new free trade agreements between the CPTPP parties," Mr Ciobo said. "For Australia that means new trade agreements with Canada and Mexico and greater market access to Japan, Chile, Singapore, Malaysia, Vietnam and Brunei."

More: http://www.abc.net.au/news/2018-01-...t-to-sign-trade-deal/9354502?section=business

I wouldn't be surprised if the UK were to join this trade pact once the Brexit negotiations are dealt with.

 

[WhatInThe]

Anything on proprietary rights and patents? A big sticking point in the US was that included extended patents and licenses which ment that the drug companies would have a longer time to make money off a drug. If a patent or license last longer that means it's a longer time before a generic drug hits the market.

 

[Warrigal]

No details available just yet but probably not.
This will allow lower cost generic medicines to be available years earlier.
Without the US as a signatory this sticking point has probably been bypassed.