TPP, which would have covered nearly 40 percent of the global economy, would have been big for U.S. agriculture, "particularly for exports to Japan, the world’s third largest economy," Allington writes. TPP’s failure could "mean U.S. exports will miss out on preferred access to countries, such as India, China and Japan." (Thomson Reuters map)
"China is making headway in its own bid to establish a rival regional free-trade deal, called the Regional Comprehensive Economic Partnership (R-CEP)," Allington writes. "R-CEP is already under consideration by 16 countries in the Pacific region," including all the Asian and Australian/Oceania countries in TPP."