Federal opposition leader Bill Shorten says he wants to see modelling before giving his support
Malcolm Turnbull doesn't expect the United States to return to a Pacific-wide trade pact "any time soon", after President Donald Trump said America could re-join.
"I would do TPP, if we made a much better deal than we had", Trump told CNBC in an interview in Switzerland, signaling a shift from his administration's emphasis on bilateral trade deals over multilateral ones such as the TPP. "We had a awful deal", Trump said in an interview with USA broadcaster CNBC.
It was the first time that Trump has referred to a possible US return to the pending regional free trade agreement, which now involves Japan, Australia and nine other Pacific nations.
Tokyo's reaction came after Trump said that Washington would consider joining the agreement if it included better terms for his country.
Calling the TPP unfair and damaging to U.S. economic prospects, Trump signaled in November 2016 immediately after his election win that he would negotiate bilateral trade treaties with different countries in order to bring jobs back to the US. "If we did a substantially better deal, I would be open to TPP".
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Trade Minister Steven Ciobo says the comments are welcome and there is scope for the U.S. in the revised version, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the U.S., which account for about 40 per cent of global economic activity, signed the original TPP in 2016 after six years of negotiations.
Fully 22 provisions of the original TPP agreement have been suspended, up from 20 frozen in November previous year. These nations make up around 13.5 per cent of world GDP.
New Zealand Trade Minister David Parker confirmed the deal would be signed in Chile on March 8.
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