Donald Trump vows to withdraw from Trans-Pacific Partnership trade deal
Updated
US President-elect Donald Trump has vowed to pull out of the world's largest trade deal on his first day in office.
The incoming leader has released a video on his Facebook page, outlining his key policy platforms ahead of his inauguration on January 20.
Mr Trump said he had sought advice about the United States' role in the Trans-Pacific Partnership (TPP).
"I've asked my transition team to develop a list of executive actions we can take on day one to restore our laws and bring back our jobs," he said.
"I am going to issue a notification of intent to withdraw from the Trans-Pacific Partnership — a potential disaster for our country.
"Instead we will negotiate fair, bilateral trade deals."
The TPP is the largest trade pact in world history, involving 12 countries across the Asia Pacific region.
Australia is also a signatory to the deal.
During the US election campaign, Mr Trump had been vocal about his opposition to the trade deal.
But going into the APEC summit at the weekend, Prime Minister Malcolm Turnbull suggested the new US administration could have a change of heart.
On Tuesday, the Prime Minister said the trade partnership was manifestly in Australia's national interest.
"We believe that it is an important strategic commitment by the United States, but of course the new administration and the new congress have got to make their own assessment," he said.
"It is very clear that from Australia's point of view that getting greater access for Australian exports, whether it is goods or services to those big markets, is manifestly in our interest.
"It is manifestly delivering more jobs, better jobs and stronger economic growth in Australia."
A dead TPP 'would be a good thing'
Labor's trade spokesman Jason Clare said he had been signalling the demise of the TPP for some time.
"Today Donald Trump has confirmed it," Mr Clare said.
"The Government should give up trying to ratify an agreement that will never come into existence.
"If the Government wants to pursue an alternative agreement that doesn't involve the US, it should use the opportunity to reinstate rules that mean companies have to look for an Australian first before employing someone from overseas — rules they signed away for six countries under the TPP."
But Trade Minister Steve Ciobo refused to concede the TPP agreement was dead.
Mr Ciobo said the United States still had more than a year to ratify the agreement and could change its position.
"I would stress that there is quite a length of time to go before that final decision needs to be made. We'd need to cross that bridge when we get to it," he said.
"Fundamentally, it's a good deal for Australia, a good deal for all 12 countries indeed."
South Australian senator Nick Xenophon said the benefits of the deal had never been adequately proven.
"RIP TPP would be a good thing," Senator Xenophon said.
"Even the modelling carried out by the Government indicated in a best-case scenario a 0.77 per cent increase in the GDP over a 14-year period.
"I just want Australia to negotiate these trade deals better and it is very unlikely that this deal will go through."
Topics: world-politics, government-and-politics, trade, federal-government, united-states, australia
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