Eleven countries led by Canada and Japan signed the revised version of the Trans-Pacific Partnership free trade pact, or TPP, a year after it was abandoned by the U.S., which is set to officially impose new tariffs on steel and aluminum imports.
The landmark accord re-branded as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, aims to promote trade and cut tariffs in countries that collectively account for 13.5% of the world economy, which amounts to about $10 trillion.
The new deal includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It retains most of the provisions of the original TPP except those related to intellectual property that the U.S. had demanded.
Japan reportedly said March 7 that the trade pact's membership could be expanded to other countries, with Sri Lanka, Taiwan, Thailand, the Philippines, South Korea and the U.K. considered potential additions.
President Donald Trump withdrew the U.S. from the original TPP in early 2017. In January, he said Washington could rejoin the regional pact if it could get a "substantially better" version of the deal.
The signing of the CPTPP came the same day that Trump is expected to formally approve new tariffs on steel and aluminum imported to the U.S., a move that fueled fears of a global trade war as other countries warned of retaliation.
Chilean Foreign Minister Heraldo Munoz said the revamped TPP is "a strong sign against the protectionist pressures, and in favor of a world open to free trade, without unilateral sanctions and the threat of trade wars," the Associated Press reported.
