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In addition, the UK government said that in 2019, every region and nation in the UK exported at least £1 billion ($1.25 billion) of goods to CPTPP member countries. [71] The UK government also pointed out that in 2018, UK companies held nearly GBP 98 billion in investments in CPTPP countries[72] and that the UK achieved more than GBP 110 billion ($137 billion) in trade with CPTPP free trade area countries in 2019. [73] The agreement between Australia, Canada, Japan, Mexico, New Zealand and Singapore entered into force on December 30, 2018. In 2013, Nobel Prize-winning economist Joseph Stiglitz warned that it was “serving the interests of the richest” based on the TPP`s leak of conceptions. [155] [156] Organized labour in the United States argued during the negotiations that the trade agreement would largely benefit companies at the expense of workers in manufacturing and services. [157] The Economic Policy Institute and the Center for Economic and Policy Research have argued that the TPP could lead to job losses and lower wages. [158] [159] According to reports, Russian Prime Minister Dmitry Medvedev criticized the TPP, saying that “the WTO is intervening,” which could lead to the “destruction of world trade.” [Citation required] The TPP could give new impetus to trade negotiations between China, Japan and Korea and increase the likelihood of a Regional Comprehensive Economic Partnership (RCEP) that could offer a possible path to a free trade area in the Asia-Pacific region. [23] Many pro-TPP economists have acknowledged that while expanded trade is net positive for growth, it also has drawbacks. Former Finance Minister Lawrence H. Summers points to evidence that he has increased inequality by “allowing more opportunities to make money for those at the top and exposing more competition to ordinary workers.” However, they argue that the loss of manufacturing jobs is more related to new technologies than trade, and that trade agreements can help American workers by opening foreign markets for the goods and services they produce.
Japan`s main rival in the region is China, the two nations having different views on the evolution of Southeast Asia`s economy. [Citation required] Before the TPP, Japan tried to gain supremacy by creating the Asian Monetary Fund (MFA), which the US blocked. Until 2011, Japan managed to conclude a cooperation agreement with China and Korea, called the “Free Trade Agreement between the PRC, Japan and the Republic of Korea,” also known as the CJK Free Trade Agreement, which did not include the United States. . . .