Eleven nations to sign Trans-Pacific trade deal

Eleven nations to sign Trans-Pacific trade deal

Eleven countries are expected to sign a landmark Asia-Pacific trade agreement in Santiago today, as an antidote to the increasingly protectionist bent of the United States, which pulled out of the pact last year.

The signing ceremony is taking place at a time when Europe and the International Monetary Fund urged U.S. President Donald Trump yesterday to step back from the brink of a trade war sparked by plans to slap duties on steel and aluminum imports.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership will reduce tariffs in countries which control together more than 13 percent of the global economy amounting 10 trillion dollars.

The 11 remaining nations, led by Japan and Canada have finalized a revised trade pact.   APP/AFP