China prepares to expand its influence in the Asia-Pacific region, after newly elected US president Donald Trump announced that will abandon the Trans-Pacific Partnership (TPP) agreement from the very first day he took the office. In response, the Chinese Foreign Ministry said that Asian leaders will continue the process of negotiations for the Regional Comprehensive Economic Partnership, which is alternative of the TPP.
The Prime Minister of Singapore, who recently supported the Trans-Pacific Partnership, now calls on Asian countries in the region to support the initiative of the China trade agreement. Vietnam and Malaysia, which also recently supporters of TPP are shifting their focus to the Regional Comprehensive Economic Partnership because of “the uncertain international economic situation”.
Trans-Pacific Partnership was one of the main pillars of the policy of US President Barack Obama to strengthen strategic commitments of Washington in the Asia-Pacific region amid growing economic power and expansionist aims of China.
Earlier today, Prime Minister of Japan Shinzo Abe said the TPP would be meaningless without the United States. A spokesman for the Japanese Foreign Ministry, however, said that Tokyo still hopes to revive the deal, but Abe himself will try to change “essentially” thinking of Trump.
Trump gave request for termination of negotiations for several trade agreements, which are currently ongoing, and the renegotiation of existing agreements, including the North American Free Trade Agreement (NAFTA).
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