The region’s economies are contemplating other trade deals such as the European Union-Vietnam free trade agreement and the China-led Regional Comprehensive Economic Partnership.
China-led trade deals with Asia-Pacific countries and countries further afield gain traction.
“The anxiety that people are feeling in the U.S. about their economic condition overwhelmed the logic of the agreement,” said the U.S. Consul General in Hong Kong.
A China-led trade deal gains supports as TPP appears to fall apart.
The Obama administration conceded Friday that it will not pursue TPP in the lame-duck session of Congress that is under way.
Rick Helfenbein called Alibaba’s response to the organization’s complaint over counterfeits the “stupidest defense I’ve ever heard a company make”.
Wal-Mart, Gap, J.C. Penney outline the benefits that TPP will bring to their companies and to consumers.
The step incrementally advanced TPP but the trade deal faces significant hurdles in Congress.
Vietnam has yet to ratify a number of key ILO core norms such as Convention 87 on freedom of association and Convention 98 on collective bargaining.
Labor experts, however, argue projected declines in manufacturing output and employment declines in certain sectors will block TPP from moving.
TPP would help boost apparel exports and imports, study found.
Despite uncertainty from a presidential race and Americans’ anxiety about jobs, U.S. Trade Representative Michael Froman at the Milken Institute Global Conference said “It’ll get done this year.”