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Australia, New Zealand seek to salvage TPP deal, encourage Asian nations to join

Australia, New Zealand seek to salvage TPP deal, encourage Asian nations to joinAustralia and New Zealand said on Tuesday they hope to salvage the Trans-Pacific Partnership (TPP) by encouraging China and other Asian nations to join the trade pact after U.S. President Donald Trump kept his promise to pull out of the accord, Reuters reports.

Fulfilling a campaign pledge, Trump signed an executive order in the Oval Office on Monday pulling the United States out of the 2015 TPP agreement and distancing the United States from its Asian allies.

Australian Prime Minister Malcolm Turnbull said he had held discussions with Abe, New Zealand Prime Minister Bill English and Singaporean Prime Minister Lee Hsien Loong overnight about the possibility of proceeding with the TPP without the United States.

"Losing the United States from the TPP is a big loss, there is no question about that," Turnbull told reporters in Canberra on Tuesday. "But we are not about to walk away ... certainly, there is potential for China to join the TPP."

Obama framed TPP without China in an effort to write Asia's trade rules before Beijing could, establishing U.S. economic leadership in the region as part of his "pivot to Asia".
Australia, New Zealand seek to salvage TPP deal, encourage Asian nations to join

China has proposed a counter pact, the Free Trade Area of the Asia Pacific (FTAAP) and has championed the Southeast Asian-backed Regional Comprehensive Economic Partnership (RCEP).
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