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TPP looks to expand as 11 members sign new deal without US

Leaders of the 11-member Trans-Pacific Partnership trade deal are looking to expand its membership as they prepare to formally sign a new agreement in Santiago, Chile, without the U.S., the Financial Times reported March 7.

Sri Lanka, Taiwan, Thailand, the Philippines, South Korea and the U.K. are being considered as potential additions to the trade deal, which has gained traction as a tool for free trade in Asia in spite of U.S. President Donald Trump's decision to abandon the deal.

"TPP is aimed at an open, rule-based, multilateral, liberal trade system so, if any country is interested and willing to abide by the rules, then we can talk about accession," Kazuyoshi Umemoto, Japan's chief TPP negotiator, said.

The trade deal was initially meant as a regional trade agreement supporting U.S. geopolitical strategy in Asia under the leadership of President Barack Obama. The members that remained after the U.S.'s exit from the TPP were Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Some TPP members, however, are cautious about enlarging the trade bloc. "My focus is on concluding the agreement between the 11 of us," said Steven Ciobo, Australia's trade minister. "We each have our domestic ratification process we have to work through ... let's just bed down this agreement as it is now."

White House officials played down the likelihood of the U.S. rejoining the TPP any time soon even as Trump said he would be "willing to negotiate" the U.S.'s re-entry to the TPP.

Other countries are eager for the U.S. to return but ruled out a third negotiation of the terms.

Negotiators are also open to the prospect of a U.K. membership after Brexit but doubt it will be the next country to join, given London's uncertain relationship with the EU.

Joining countries need the support of all TPP members, the FT said.