Despite Trump Rebuke, Tran-Pacific Trade Deal is On

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Some representatives of the Canadian auto industry slammed Canada's decision to sign a revised Trans-Pacific Partnership on Tuesday, calling the deal harmful to the auto sector and warning that it undermines Canada's position in NAFTA negotiations.

He added Japan would explain the importance of the deal to Washington in hopes of persuading it to join.

A statement from the government of Singapore, which confirmed the deal, said the parties would seek to sign the TPP by early March.

The agreement comes after Canada made global news when Prime Minister Justin Trudeau refused to agree to the proposed TPP11 - so named because 11 countries are included - at a conference in Vietnam in November.

In a sector considered key to the deal, Canada managed to get a bilateral arrangement with Japan to resolve non-tariff barriers, including a binding dispute settlement mechanism, according to an official.

Canada is also participating in the latest round of talks aimed at revamping the North American Free Trade Agreement, which were under way Tuesday in Montreal.

"I happen to be of the opinion that if it does not work out, we will terminate we'll see how it all works out", Trump said in the Oval Office.

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The official, who spoke on condition of anonymity, told The Canadian Press that Ottawa believed a deal could be struck, even as it pushed for more progress on negotiations surrounding the automotive and cultural sectors. The symbolism from Canada was clear: When it comes to trade, the rest of the world is ready to move forward without President Trump. In January, US President Donald Trump signed an executive order on US withdrawal from the agreement. As we now enter a pivotal round of NAFTA negotiations, the last thing we need is to take a step backwards in our relationships with Canada and Mexico. President Donald Trump withdrew from the TPP as one of his first actions in office in 2017 despite cries from those in the agricultural sector to move forward with the agreement as it offered opportunities for USA agricultural goods to lower tariffs and increase market access to the Asian countries.

Overnight, speaking at the Davos forum, Trudeau hailed the agreement as a progressive deal which met Canada's objectives.

"It will also be New Zealand's first FTA relationship with Canada (our 13th largest export market), Mexico (21st), and Peru (46th)", Mr Parker says.

The Trans-Pacific Partnership brings together Canada, Australia, Japan, New Zealand and Singapore.

The deal includes stronger provisions in those areas.

Most importantly, the deal will open up access for Canada to Japan's economy, the third-largest in the world.