The other Pacific Cooperation member states now agree on the main parts of the TTP agreement.

– I think US trade with others could be weakened, since the country will now be excluded, says DNB senior economist Knut A. Magnussen about the deal.

After just a few days as President of the United States, Donald Trump signed an executive order to withdraw the country’s membership in the TTP agreement (see box below).

This decision is part of the country’s new policy, “America First”. Trump has repeatedly said the country should reconsider various trade deals.

– This probably means more for the United States in the long term than in the short term, believes Magnussen.

Reuters reports today that the remaining countries now agree on the main elements of the agreement and want to continue cooperation.

The news comes as there has been uncertainty over the deal.

– In the long term, this could include several other countries, for example South Korea, says Magnussen.

He believes that such a trade agreement will be positive for the economies of these countries.

Uncertain atmosphere

Many thought the agreement seemed uncertain as Canadian Prime Minister Justin Trudeau was not present Friday at a meeting with other partner countries.

The country has the second largest economy among the member states, after Japan.

It turned out that this was all due to a misunderstanding of the timeline, according to Reuters.

Canadian Trade Minister François-Phillipe Champagne now describes the collaboration and agreement as a “major step forward.”

Cheers for more business

Donald Trump’s desire for bilateral agreements rather than major collaborative projects is not heard by other countries.

Vietnam and China now completely oppose the US president’s stance on weaker and fewer trade deals.

Xi Jinping, the Chinese president, said at the ongoing APEC, Asia-Pacific Economic Cooperation, summit that the world needs more trade and that globalization is an irreversible trend.

At the same time, Vietnamese President Tran Dai Quang calls the development a success. He believes this helps reduce uncertainty in the world.

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Removed parts of the agreement

Reuters writes that 20 points of the original agreement have now been removed. Among other things, there are regulations on labor rights and the climate.

The United States has long criticized issues regarding intellectual property rightsin English “intellectual property rights”, and this is now out of agreement.

– The impact of the new agreement on businesses is quite moderate, Deborah Elms, a researcher on the agreement, told Reuters.

The decision comes at a time when several world leaders, including the President of the United States, are gathered for a summit within APEC, the Asia-Pacific Economic Cooperation. The countries made the statement on Friday local time and will now continue working on the agreement.