Japanese leadership will revive TPP

Subject

The revival of the Trans-Pacific Partnership.

Significance

US President Donald Trump in January announced Washington's withdrawal from the Trans-Pacific Partnership trade agreement (TPP), bringing its implementation to a standstill. Without US participation, the TPP looked dead, since the US economy is larger than the other eleven economies combined. Nevertheless, after months of uncertainty, the project was revived by the eleven members under the leadership of Japan.

Impacts

• Failure or watering down of a TPP-11 would leave China a greater role in setting global standards and norms.
• Progress towards the TPP-11 could speed up the Regional Comprehensive Economic Partnership and EU-Japan economic partnership agreement.
• Other states will seek TPP membership in the future, with Taipei and Seoul likely candidates.