Chile to exit TPP and seek new trade deals with Asia-Pacific countries

Chile announced it will exit the Trans-Pacific Partnership (TPP) trade deal, but still seek to expand trade with the Asia-Pacific region, local newspaper El Mercurio reported on Tuesday.

Chile's Foreign Minister Heraldo Munoz made the announcement late Monday, after U.S. President Donald Trump reversed his predecessor's position on the TPP by withdrawing from the accord.

"The TPP as we know is no longer on the negotiating table. Evidently there is no chance to send a project (to Congress for approval) that does not include the United States, because that is one of the clauses of the agreement," the newspaper quoted Munoz as saying.

The negotiating phase of the TPP has concluded, but still pending the approval of each country's congress.

However, Chile will continue to pursue open trade and greater exchange with Pacific Rim countries, many of which were taking part in the TPP negotiations.

Chile is inviting trade and foreign ministers from Asia-Pacific countries, including China and South Korea, to a meeting in March at the Pacific-coast resort of Vina del Mar, said Munoz.

Chile is extending the invitation as current president of the Pacific Alliance, a Latin American trade bloc that also comprises Mexico, Peru and Colombia. Enditem