Malaysia will be biggest victor in revised trade deal: Moody's

Pacific trade pact to be signed in Chile

On Thursday, the 11 remaining TPP nations gathered in Santiago, Chile to sign the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in a move many say puts Asia at the lead in free trade while the us appears headed in the opposite direction. The countries signing the agreement, which account for more than 13% of the world economy, have agreed to bring down tariffs on cross-border trade by as much as 98% after domestic ratification.

Labor's foreign affairs spokeswoman Penny Wong said independent modelling was needed to give an accurate picture of its impact on jobs and the economy.

"It leaves the U.S.at a disadvantage from both a trade and a broader strategic perspective", said Joshua Meltzer, senior fellow in the global economy and development program at the Brookings Institution.

Japanese officials said that by not changing agreements on countries' commitments to market access, the CPTPP has maintained the high-level standards of trade and investment rules.

"Most importantly, this agreement is the first of its kind to specifically address wine-related technical barriers to trade through the inclusion of a wine and spirit annex".

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Chile said membership of the new pact will improve access to markets now responsible for 17 percent of its total exports.

In short, the biggest winners are expected to be in Asia, while the wealthier countries, on balance, are not expected to receive as much of a boost. Last but not least, amid palpable fears of a global trade war, the survival of a free trade agreement despite the sudden pullout of the USA offers some respite to the supporters of free trade.

Moody's baseline expectation is that Mexico, the US and Canada will reach an agreement and revise the treaty into a NAFTA 2.0.

Elimination of tariffs on seafood, horticulture and wine.

"Taiwan will do its best to take part in the CPTPP at an appropriate time", the MOFA said.

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Separately, Malaysian International Trade and Industry Minister Mustapa Mohamed listed access to those three new markets as among the incentives to seal the deal, noting that Malaysia now has no preferential trading arrangements with them. "This is a significant step toward realising the benefits of the Agreement".

However, even without the United States, the trade deal remains one of the largest trade agreements in the world, as it covers a market of almost 500 million people.

The CPTPP reaffirms these countries' opposition to protectionism and support for the free flow of goods, services and investment toward global growth, Munoz said. New Zealand, Peru, Singapore and Vietnam are also included.

The 11 states form a market of 500 million people, greater than that of the European Union's single market.

The pact will come into force 60 days after it is fully ratified by six of the 11 members.

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The new deal has been re-negotiated after the United States withdrew from the original TPP and as well as Australia, the other signatory countries are: Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam.

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