Baku. 24 January. REPORT.AZ/ President Donald Trump today formally pulled the US out of the Trans-Pacific Partnership as he signed an executive action to withdraw from the negotiating process of the 12-nation trade deal, one of the major international trade initiatives of his predecessor Barack Obama.
Report informs citing the Rambler NewService,
"The TPP would be meaningless without the United States," Japan's Prime Minister Shinzo Abe said.
The agreement was signed in February 2016 by 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Brunei -- together represent 40 per cent of the world economywith a combined GDP of about 28 trillion.
Notably, former US President Barack Obama believed the TPP, which does not include China, one of the major achievements of his presidency. A trade agreement was Washington's attempt to establish their own trade rules in Asia before the Beijing, thereby securing a commercial advantage in the region. At the time of the US withdrawal from TPP has not yet been ratified by the US Congress.
Trump explained his decision that international trade agreements reduce the number of jobs in the country.