Pacific ministers commit to move ahead with pact without US

HANOI, Vietnam – The Pacific Rim trade ministers meeting in Vietnam committed Sunday to move ahead with the Trans Pacific Partnership trade pact after the United States pulled out.

New Zealand Trade Minister Todd McClay said the remaining 11 TPP countries are open to others joining provided they accept the trade agreement’s high standards on labor and environmental protection. He said the door remains open to the U.S., even after President Donald Trump withdrew from the pact in January, saying he prefers bilateral free trade deals.

Since the U.S withdrawal, Japan and New Zealand have been spearheading efforts to revive the deal. In its current form, the TPP requires U.S. participation before it can go into effect. That means the remaining countries would need to change the rules for any deal to go ahead, and it would be significantly smaller without the involvement of the world’s largest economy.

The 11 countries represent roughly 13.5 percent of the global economy, according to the World Bank.

The TPP was championed by former President Barack Obama and was seen as a counterbalance to China’s growing influence in the region.

On Monday, the China-led 16-member Regional Comprehensive Economic Partnership will meet in Hanoi to further their discussions on a separate deal seen as an alternative to TPP. It is expected to be finalized by the end of this year.