It is the right moment for all forward-thinking countries to think about stepping up effort and review the need for new alternatives free trade framework should the US, the initiator of the TPP, withdraw its commitment, including discussion on developing new approaches to deal with the regulatory risks and opportunities presented by these new trade agreements, with the incorporation of international regulatory cooperation and justice framework for discussing the potential outcomes of the trade agreement in response to the challenge of alternative mega-regional trade agreements
The Trans-Pacific Partnership (TPP) is the largest trade agreement in U.S. history. The future of the TPP is uncertain under a Trump presidency. With the TPP foundering in several key participant countries as domestic opposition to free trade in the U.S. grows, signifies that a long-term growth impetus presented by the TPP trade pact now seems to be off the table. As such, countries should seek new opportunity to push new free-trade framework. Countries should establish trade cooperation, a new trade deal that is workable for member countries, which could be better than the TPP. As such, this conference provides the right moment to think about an alternative to the TPP, that will enable countries to map out a path to broader free trade areas, including discussion on crucial global governance and global justice framework for discussing the potential outcomes of the trade agreement, in particular, new approaches to international regulatory cooperation in response to the challenge of mega-regional trade agreements, as well as a fast-track process to enhance the efficiency and competitiveness in the process of integration into a new trade deal.