‘TPP minus 1’ is a terrible idea
February 9, 2016: Australian Trade Minister Steve Ciobo is now pushing for a TPP without the US - or as he calls it, a ‘TPP minus one’.
This is despite the Senate inquiry saying no to the failed TPP’s implementing legislation, meaning the government cannot pass it.
It is also extremely unlikely that many other TPP countries would want to proceed without the US (the largest economy). Many TPP countries only agreed to damaging provisions like investor rights to sue governments (ISDS) and longer medicine monopolies because of pressure from the US.
For Australia, "TPP-minus one" would be an even worse deal than the TPP was because it would contain all the same damaging clauses and deliver even fewer market access benefits (which were already negligible).
Even in the unlikely scenario that all TPP countries agreed to only make ‘minor changes’ to the text, this would require renegotiation and the entire parliamentary process would have to start again.