Biden needs to re-enter CPTPP, build confidence with re-pivot to Asia
Likelihood of US Congress ratifying a new version of the TPP is uncertain as Republicans remain protectionist while Democrats are more trade friendly.
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US PRESIDENT-ELECT Joseph Biden must take bold steps for the United States to re-enter a transformed global trading agreement, while reassuring partner countries that the US will stay committed to the pact.
A move by the Biden administration to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) would benefit most of Asia. But the likelihood of US Congress ratifying a new version of the Trans-Pacific Partnership agreement is uncertain because the Republicans remain protectionist and the Democrats are more trade friendly.
Mr Biden would, in effect, signal a US re-pivot to Asia both in trade and geostrategy. He should re-engage the partner countries after President Donald Trump's ill-advised withdrawal from the TPP in January 2017, about a year after the original TPP was signed in February 2016 by the US along with Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
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