Trans-Pacific Partnership deal still on the cards after US withdrawal as 11 nations release joint statement

Members of the Trans-Pacific Partnership have agreed a new framework to revive the proposed trade deal, following the US withdrawal earlier this year.

Meeting on the sidelines of the Apec summit in Vietnam, the remaining eleven nations released a joint statement saying they were committed to free and open trade.

Canadian Prime Minister Justin Trudeau had missed a leaders' meeting on the TPP on Friday, allegedly due to a scheduling mix-up.

Trudeau said earlier in the week that Canada would not be rushed into a renewed TPP deal.

The country's delegation said labour and environmental rights would be crucial pillars of a new agreement, but added that a lot of work still needs to be done.

Canadian officials said Canada was not the only country that wanted more time to work through the agreement.

The other countries working towards an agreement are Australia, Chile, New Zealand, Brunei, Singapore, Japan, Malaysia, Mexico, Peru and Vietnam. The bid to revive the TPP, which would have covered 40% of the global economy, was led by trade ministers from Japan, Australia and New Zealand.

President Donald Trump withdrew the US from the original 12-nation TPP agreement in January.

The agreement had originally been championed by Trump’s predecessor, President Obama, partly as a way of maintaining US influence in the Asia-Pacific region.

But after the US withdrawal, the remaining countries are now having to renegotiate the terms of the deal, as the prospect of access to the huge US market was what persuaded less developed countries to agree to tough conditions on issues such as labour rights and protection of intellectual property.

Canada is concerned that making commitments could affect any renegotiation of the huge North American Free Trade Agreement (NAFTA), which may be needed if President Trump keeps up his threats to pull out of that deal as well.

But the 11 TPP members now say they have agreed on “core elements” of the trade pact and can now move ahead, although a date for a final agreement remains elusive.