Australia Reaches Out to China, Indonesia to Salvage TPP
Yicai Global
/SOURCE : Yicai
Australia Reaches Out to China, Indonesia to Salvage TPP

(Yicai Global) Jan. 24 -- Trans-Pacific Partnership member Australia suggested China and Indonesia join the trade grouping that accounts for 40 percent of the global economy after US President Donald Trump pulled his country out of the TPP.

"The original framework of the TPP is designed in such a way that other countries can join it," Australian Trade Minister Steven Ciobo is quoted as saying by Australian broadcaster ABC on Jan. 24. "I know that Indonesia has expressed an interest, and there would be scope for China, if we were able to reformulate it."

Ciobo stressed that Australia will not flag in its quest for a high-quality trade pact. Australian Prime Minister Malcolm Turnbull said that the US withdrawal is a huge loss, but does not close the coffin lid on the deal.

The TPP aims to boost trade and economic growth in members by strengthening economic ties between them via tariff cuts. Apart from Australia and New Zealand, the other nine TPP members are Canada, Japan, Chile, Malaysia, Mexico, Peru, Singapore, Vietnam and Brunei.

The trade group's remaining members will discuss ways to salvage the agreement in the next few months, said Todd McClay, trade minister of TPP-member New Zealand.

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