02:24 GMT06 December 2020
Listen Live
    Business
    Get short URL
    0 33
    Subscribe

    If the United States withdraws from the Trans-Pacific Partnership (TPP), the other countries that have signed the deal would have to choose whether they want to stick with this trade agreement or pursue separate bilateral deals, Mexico’s Economy Minister Ildefonso Guajardo said Wednesday.

    MOSCOW (Sputnik) — The future of the TPP was put into question, after the victory of Donald Trump in the US presidential election on November 8. During his presidential campaign, the US president-elect has repeatedly criticized the deal and expressed the desire to shift the focus from the global trade to national economic development in order to support the US economy.

    "It is very important to define what we want to do in the future: continue implementing this agreement [TPP] without the United States or develop bilateral deals," Guajardo said, as quoted by the Mexican news agency Notimex.

    The minister said that it would be "bad news" if the United States abandoned the project, especially for the countries that had hoped to gain access to the North American market through this partnership.

    The TPP agreement, signed in February, seeks to remove barriers to trade among its 12 signatories, which together account for 40 percent of the world's economy: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

    Related:

    TPP Without US: Will China Step in to Replace Washington in the Agreement?
    TPP Meltdown Evokes Cautious Optimism in India
    Malaysia to Promote TPP Ratification Despite Trump's Claims of Withdraw
    Tags:
    Trans-Pacific Partnership (TPP), Mexico, US
    Community standardsDiscussion