SINGAPORE — The era of trade liberalization is over, and it will be difficult for the incoming Biden administration to re-join the massive trade deal Trans-Pacific Partnership (TPP), according to an analyst at risk consultancy Control Risks.
The TPP was a mega trade deal negotiated by former U.S. President Barack Obama and 11 other countries, which excluded China. In its original format, the deal — which was inked in 2016 — would have been the world’s largest trade agreement, covering nearly 40% of the global economy.
But the TPP was widely criticized in the U.S., and never passed Congress. President Donald Trump eventually pulled the country out of the mega-trade agreement in 2017.
Dane Chamorro, a partner at Control Risks, said the “desire is probably there” among the new Biden administration to re-join the trade deal.
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