As soon as he took office in January, US President Donald Trump decided to withdraw from the TPP, citing the trade deal would cost many American jobs. He also announced that the US will only negotiate new trade agreements that benefit the country more.

At the recent 23rd Meeting of the Asia-Pacific Economic Cooperation Ministers Responsible for Trade in Hanoi, representatives from 11 remaining TPP partners agreed to push up the agreement without the US. Japan, New Zealand, Australia, Singapore, and Brunei voiced the strongest support for continuing the TPP while others are mulling the most appropriate approach to pursue the pact. In this context, China is inviting countries to join the Regional Comprehensive Economic Partnership (RCEP).

One of the greatest challenges is that TPP partners have failed to strike a consensus on ways to move the pact ahead, particularly in protectionism prevention. Moreover, the agreement can only come into force if at least six countries, which represent at least 85% of the total GDP of the original 12, have ratified it. As the US makes up 60% of the total GDP of the signatories, rules must be changed for the TPP to be effective. But any changes will be complicated because all partners had carefully calculated gains and losses before signing the agreement. It will certainly take a little more time before any new steps are taken.