The Australian government has effectively cut its losses in the Trans-Pacific Partnership, signalling support for Chinese-led trade deals before a meeting this weekend of the Asia-Pacific Economic Cooperation group in Peru. “With the future of the TPP looking grim, my ministerial counterparts and I will work to conclude a study on the Free Trade Area of the Asia-Pacific, which sets out agreed actions towards a future free trade zone,” Ciobo said in the piece published on Thursday. It has pursued two rival trade pacts, the Apec-wide Free Trade Area of the Asia-Pacific and a separate trade deal called the Regional Comprehensive Economic Partnership, which includes 16 countries but not the US. Australia has been a vocal public supporter of the TPP, arguing that the agreement would underpin continuing US engagement with the Asia-Pacific region and lobbying congressional leaders to support its passage. But the Turnbull government has muted its public support for the trade pact since Donald Trump won the US presidential election.

Source: The Guardian November 17, 2016 06:00 UTC