What is the Trans-Pacific Partnership Trade Pact?

This agreement has been touted as the most important trade agreement in the world, a major badet for the advocates of globalization who have promised to rewrite the rules of 21st century commerce.

But the Trans-Pacific Partnership was routed in early 2017 after President Donald Trump withdrew the United States from the pact, opening salvo in his commercial policy "America's" 39; first. "

The American allies were stunned and jostling for what was left of many years of negotiations aimed at strengthening the links between the Pacific countries and countering China's growing economic power.

On Wednesday, Australia ratified the agreement, which means that more than half of the other eleven countries have already done so, which allowed it to come into effect on December 30th.

Here are some key questions about the pact and its perspectives.

Even without the inclusion of America, the Trans-Pacific Partnership is one of the most ambitious free trade pacts ever negotiated.

Originally, it brought together 12 economies of the Pacific Ocean: the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico , New Zealand, Peru, Singapore and Vietnam.

Before the brutal exit of the main trading partner, the United States, the signatories accounted for 40% of the global economy.

Without the United States, this figure is closer to 14%, for a total GDP of $ 10.6 trillion.

Supporters said that they would remove barriers to the free flow of goods, services and investment capital.

Nicknamed a "high quality" trade agreement, it goes further than other free trade agreements in terms of labor regulations, environmental rules, intellectual property protection and other requirements.

Without the PTP, there are no other "high quality" offers on the table for the signatories.

The demolition of the TPP was a well-known promise of the Trump campaign and the first major advance in the trade it took after taking office.

He described the agreement as "violating" US interests and blamed the loss of US jobs on free trade pacts such as the PTP, although most of the experts said they did not want to be able to do so. agree that automation is at the root of a decline in the industrial workforce.

Trump trade officials called for "fair" trade deals, promising to integrate efforts into bilateral pacts rather than into multilateral agreements, including with countries in the Asia-Pacific region.

Many economists disagreed with Trump's characterization of the trade deal, saying it would create new jobs and foster signatory growth.

A frenzied backstage diplomacy led by Japan has kept alive a simplified version of the pact called "CPTPP" – a global and progressive agreement for a trans-Pacific partnership.

The remaining members hope that Washington will have a change of heart – or of government – and will eventually endorse it.

Most of the industrialized economies covered by the covenant have ratified: Australia, Canada, Japan, Mexico, New Zealand and Singapore.

Brunei, Chile, Malaysia, Peru and Vietnam have not yet done so.

For countries – emerging economies with often highly protected industries and poor labor laws – the TPP derives its interest primarily from access to the world's largest market, the United States.

The departure of Washington made the agreement less interesting, but it nevertheless allows small economies such as Vietnam to more easily access major economies such as that of Japan.

The New Zealand Minister of Trade has stated that he expects most of the remaining countries to join them once the first round of tariff cuts take place after December 30th.

In addition, the United States – and other countries like South Korea and Colombia, which have shown interest – have the door open.

Under former US President Barack Obama, the pact was sold to US allies as a unique opportunity to seize the initiative on world trade – and to ensure that China does not dictate conditions of world trade.

It is unlikely that the world's second-largest economy will welcome its recovery.

China also has its own trade pact – the Regional Comprehensive Economic Partnership (RCEP) – under negotiation.

This agreement brings together the 10 ASEAN countries located in Southeast Asia, as well as China, India, Japan, South Korea, Australia and New Zealand.

This is the most important trade pact under negotiation, but it does not include the United States and is less ambitious on issues such as employment and environmental protection.

RCEP members meet in Singapore next month on the sidelines of a summit in ASEAN and wish that the agreement be widely sewn by the end of the year. ;year.