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11/10/2017, 6:54 PM (Source: TeleTrader)
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TPP agreed in basic terms after US pullout

Negotiators representing 11 signatories of the Trans-Pacific Partnership struck a deal on Friday about the platform's "core elements," according to Philippe-Francois Champagne, Canada's minister of international trade. The talks held in Da Nang, Vietnam, during the summit of the Asia-Pacific Economic Cooperation led to a partial solution after the foundations of the free trade agreement were shaken with the decision of United States President Donald Trump in January to withdraw his country.

The basic terms concern what proponents claim are sophisticated labor and environmental standards. The issue has been pushed by Canada, while a group led by Malaysia and Vietnam are said to have tried to change the clauses. Champagne said the involved parties are yet to tackle the rules for numerous segments, particularly intellectual property and the automotive industry.

The draft still notes some of the original provisions from 2015 could be scrapped. TPP also includes Japan, New Zealand, Australia, Brunei, Chile, Mexico, Peru and Singapore.

Breaking the News / IT