Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi Arabia offers condolences to Iran following deadly Bandar Abbas port explosion    Saudi Arabia welcomes Palestinian leadership reforms, appointment of Hussein Al-Sheikh    Ministry of Hajj issued over 150,000 Nusuk cards for the Hajj of 2025    Saudi Arabia deports 12,866 illegal residents in a week    Pope Francis laid to rest at historic funeral in Rome    Massive explosion at Iran's Shahid Rajaee Port injures over 500 people    SFDA clears first 44-ton medical shipment for Hajj pilgrims    Over 13 million worshipers pray at Rawdah Sharif in a year    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Asia deplores Trump's rejection of Pacific pact
Published in The Saudi Gazette on 23 - 11 - 2016

President-elect Donald Trump says he wants to pull out of the Trans-Pacific Partnership but other Pacific Rim leaders are vowing to push market-opening efforts they say are vital for growth.
The possible decline of the 12-nation TPP could give a boost to alternative initiatives including one promoted by China in which the United States is not taking part.
Trump's message, in a brief video, was issued after President Barack Obama and other leaders of the Asia-Pacific Economic Cooperation group, meeting in Peru, called Sunday for fighting the backlash against trade highlighted by Trump's victory and Britain's vote to leave the European Union.
Promoters of the TPP say it is a step toward building a wider, pan-Pacific free trade zone, though critics object it would shift too much control over regulation to companies from governments and the public.
"There is very strong support among the other 11 parties to the TPP to ratify it and to seek to bring it into force," said Australian Prime Minister Malcolm Turnbull.
Trump described the 12-nation pact as a "potential disaster for our country." He has also said he wants to renegotiate the North American Free Trade Agreement with Canada and Mexico.
Obama has said he would give up seeking congressional approval for the TPP. He had championed it as a way for the United States to lead the creation of "gold standard" rules for 21st century trade.
"I think not moving forward would undermine our position across the region," Obama told reporters in Lima.
New Zealand Prime Minister John Key said Washington will need to think about what role it wants to play in Asia and its fast-growing markets.
"The United States isn't an island. It can't just sit there and say it's not going to trade with the rest of the world," said Key after returning home. "At some point they're going to have to give some consideration to that. But naturally, we're a bit disappointed."
The TPP, signed this year in New Zealand, would take effect after it is ratified by six countries that account for 85 percent of the combined gross domestic product of its member nations.
The United States is 60 percent of the combined GDP of that group and Japan less than 20 percent, so those conditions cannot be met without US participation.
"TPP is meaningless without the United States," said Japanese Prime Minister Shinzo Abe. Last week, he became the first foreign leader to meet Trump since his Nov. 8 election victory.
As Japan's most powerful leader in a decade, Abe invested political capital in overcoming opposition to the TPP from farmers and the medical lobby. His ruling Liberal Democratic Party pushed TPP ratification through the lower house of parliament and had been set to seek final approval in the upper house.
Renegotiating the agreement would "disturb the fundamental balance of benefits," said Abe, who was in Argentina following APEC.
Other TPP members include Chile, Mexico, Canada, Peru, Brunei, Malaysia, Singapore, Vietnam and Australia.
China hopes for progress on the Regional Comprehensive Economic Partnership, or RCEP, it is promoting with the 10 governments of the Association of Southeast Asian Nations, a Chinese foreign ministry spokesman said.
The RCEP would require fewer market-opening concessions than TPP. Critics say that would let China shield its huge but inefficient state-owned companies from competition. The agreement would include China, India, Indonesia and South Korea but no countries from the Americas have joined.
"We would like to push the negotiation process to make headway at an early date," said the spokesman, Geng Shuang, at a regular briefing.
China also called at APEC for progress on a separate arrangement, the Free Trade Agreement of the Asia Pacific.
"We hope these free trade agreements can reinforce rather than thwart each other," said Geng. "We should prevent fragmentation of economic and trade arrangements or politicizing such agreements." — AP


Clic here to read the story from its source.