President Donald Trump signed an executive order formally withdrawing the United States from the 12-nation Trans-Pacific Partnership trade deal on Monday, following through on a promise from his campaign last year.

Trump called the TPP order a “great thing for the American worker.”

The TPP was negotiated under former President Barack Obama, but never ratified by Congress.

The TPP, signed by all 12 member states in February 2016, was designed to regulate trade between the US, Australia, New Zealand, Canada, Singapore, Vietnam, Malaysia, Japan, Mexico, Peru, Brunei, and Chile. Only Japan has ratified it so far.

Intended to remove tariffs and encourage trade between participating countries, the TPP was also lauded by proponents for its potential to establish widespread regulations and strengthen economic ties. Opponents argued that its conditions threatened national sovereignty and favored international corporations over workers.

With the collective population of participating countries numbering over 800 million, the TPP would have brought together a market almost twice the size of the European Union.

Source :Morocco World News