Joint Statement by the Heads of the IEA, IMF, World Bank, and WTO

The Heads of the International Energy Agency, International Monetary Fund, World Bank Group and World Trade Organization met on May 28 as part of the high-level coordination group established in April to maximise their institutions' response to the energy, trade, and economic impacts of the war in the Middle East.

https://www.wto.org/english/news_e/news26_e/dgno_29may26_396_e.htm

Back next week.

APEC and CPTPP matters…

It was revealed on the 16th May that China, the chair of the Asia-Pacific Economic Cooperation (APEC) Trade Ministers' Meeting to be held in Suzhou, China on the 22nd and 23rd, is planning to host events related to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). China is inviting member countries without their consent, even though they are not CPTPP members.

From ASEAN talking about the RCEP and the CPTPP commonsense in working together more…

Cambodia calls for rules-based multilateral trading system in China meet

Cambodia Friday underscored the importance of strengthening the rules-based multilateral trading system during extensive discussions with members of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in Suzhou city, Jiangsu province, People’s Republic of China.

https://khmertimeskh.com/501904259/kingdom-calls-for-rules-based-multilateral-trading-system-in-china-meet/

But interesting to read:

Interesting East Asia Forum article just out:

https://eastasiaforum.org/2026/05/26/a-middle-power-agenda-for-the-global-trading-system/

And learn more about the CPTPP which is ‘More Than Just Exporting’

https://canadapr.vn/dinh-cu-canada-dien-dau-tu/cptpp-canada

Elsewhere…

Japan-Korea Business Leaders Conference urges South Korea to join the TPP; also proposes simplifying immigration procedures.

In 2021, the Moon Jae-in administration in South Korea announced it was considering joining the CPTPP. However, due to domestic opposition and other factors, a formal application has not yet been submitted.

https://www.nikkei.com/article/DGXZQOUA206ZE0Q6A520C2000000/

Philippines eyes Japan endorsement for CPTPP bid during Marcos visit

The Philippines is looking to secure an endorsement from Japan to support its bid to become a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) free trade agreement (FTA) during President Marcos’ upcoming state visit to Tokyo.

If the Philippines manages to become a CPTPP member, this would provide unprecedented market access for the country’s exports to the bloc’s members, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United Kingdom (UK).

https://mb.com.ph/2026/05/21/philippines-eyes-japan-endorsement-for-cptpp-bid-during-marcos-visit

The Indonesian Ministry of Trade support from members of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

And currently, Indonesia is also continuing discussions with CPTPP member countries. "Indonesia has also received support from several members for the formation of an Accession Working Group for Indonesia," he concluded.

https://sinpo.id/detail/121020/ri-tekankan-pentingnya-dukungan-rcep-cptpp-untuk-jaga-stabilitas-ekonomi-kawasan

As for Uruguay, some angst…

Certain parts of the Uruguay trade union movement cautious about joining the CPTPP

https://www.agesor.com.uy/noticia.php?id=84675

…but also some further growth hopes:

Orsi's government supports Argentina's bid to join the Trans-Pacific Partnership

What four years ago appeared to be an irreconcilable internal front in Mercosur has now become a card in favor of the government of Yamandú Orsi as it moves forward with joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Uruguay had already received the backing of Argentine Foreign Minister Pablo Quirno at the end of last year for having made concrete progress toward joining the CPTPP. “Today the world demands agility in trade matters. In this context, Uruguay’s decision to promote its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership is a strong expression of this trend ,” said Javier Milei’s minister to his Mercosur counterparts.

The Uruguayan government sees Argentina as a tangible demonstration that Uruguay's eventual entry into the CPTPP will not come at the expense of a strained Mercosur , and therefore they are confident that their application for membership can benefit the country in its quest to secure definitive membership.

https://www.larepublica.co/globoeconomia/gobierno-de-orsi-respalda-a-argentina-para-que-solicite-su-ingreso-al-acuerdo-transpacifico-4395372?utm_medium=Social&utm_source=Twitter#Echobox=1779204070

The G2 meetings was interesting!

Meanwhile…

China, a non-member of the TPP, is planning related events and inviting various countries without their consent, raising concerns about its intentions.

China, the chair of the Asia-Pacific Economic Cooperation (APEC) Trade Ministers' Meeting to be held in Suzhou, China on the 22nd and 23rd, is planning to host events related to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Amidst the United States' shift towards protectionism, the CPTPP is gaining prominence as a multilateral framework that will achieve a high level of trade liberalization.

China is likely seeking to find a way to join the CPTPP and expand its influence within the multilateral trading system in the region.

https://www.jiji.com/jc/article?k=2026051600118&g=eco

Remember despite many similar APEC and CPTPP members (Japan, Australia, Canada, Vietnam, Mexico, New Zealand, Chile, Peru + more)…

…one is loose and one is more legally free trade + more binding - which is why the US bailed from the latter (but names like the UK joined). China interesting!

And thinking again more globally about the CPTPP, two recent great East Asia Forum articles:

CPTPP–EU cooperation can set the pace for global trade

Outside these sensitive areas, CPTPP–EU rules and cooperation mechanisms can evolve and spread through constructive institutional competition with other regional frameworks, CPTPP accession and issue-specific plurilateral arrangements within the WTO. The inaugural CPTPP–ASEAN Trade and Investment Dialogue, launched in November 2025 alongside the CPTPP–EU dialogue, offers one example for how linkages can be gradually built to widen workable rules through multiple, open pathways. To preserve speed, CPTPP-EU cooperation should also use soft-law instruments such as MoUs, action plans and joint principles where appropriate, rather than relying only on legally binding agreements that may require lengthy domestic ratification.

CPTPP–EU cooperation alone cannot save the trading order. But countries that value openness and multilateralism can still lead the formation of next-generation trade rules. To defend the WTO, its supporters can no longer rely on the WTO alone.

https://eastasiaforum.org/2026/05/16/cptpp-eu-cooperation-can-set-the-pace-for-global-trade/

Middle powers should look to East Asia

https://eastasiaforum.org/2026/05/17/middle-powers-should-look-to-east-asia/

Yes, am looking forward to:

Asia-Pacific Economic Cooperation (APEC) Trade Ministers' Meeting to be held in Suzhou, China on the 22nd and 23rd May meeting

Not that there is not plenty of matters to talk about just amongst APEC member but also EU/China discussions:

A sinking ship? Why the EU and China could be heading for a trade war

Clashes at a conference in Chinese capital reflect wider tensions that threaten to descend into an economic conflict

“Europe needs the Chinese market to help its flagging economy and secure key inputs, and China needs the EU market even more than ever, as its home market flatlines and its access to the US market shrinks.

“Neither can fight on two fronts at once. And as [Chinese strategist] Sun Tzu famously said, the smartest way to win a victory is without having to fight. China knows it has time on its side.”

https://www.scmp.com/news/china/diplomacy/article/3353867/sinking-ship-why-eu-and-china-could-be-heading-trade-war?module=top_story&pgtype=homepage

As for another (more likely re a 2026 announcement akin to Costa Rica?)

Uruguay is making progress towards joining the CPTPP with the first meeting of the working group

"We had a series of bilateral meetings at the senior official level with all member countries plus a plenary presentation in which Uruguay made an initial presentation of the reasons for its interest in joining the CPTPP," explained Deputy Foreign Minister Valeria Csukasi, who participated in the meeting held in London, to the EFE news agency.

https://www.infobae.com/america/agencias/2026/05/13/uruguay-avanza-en-su-adhesion-al-cptpp-con-la-primera-reunion-del-grupo-de-trabajo/

Uruguay accelerates its accession to the CPTPP and assures that “there are no doubts” about compliance with the commitments

For the Uruguayan government, joining the CPTPP represents a strategic opportunity to diversify markets and deepen the country's international integration, especially towards the Asia-Pacific region.

https://www.comexlatam.com/uruguay-acelera-su-adhesion-al-cptpp-y-asegura-que-no-hay-dudas-sobre-el-cumplimiento-de-los-compromisos/

And finally…

Will South Korea move towards the TPP? This will be a crucial test after the unified local elections.

In response, the 12 countries participating in the CPTPP recently reached a broad agreement on Costa Rica's accession. Negotiations with Uruguay are also nearing completion, while Indonesia, the Philippines, and the United Arab Emirates (UAE) are awaiting the start of negotiations.

https://www.nikkei.com/article/DGXZQODK050T80V00C26A5000000/?n_cid=dsapp_share_android

Donald, by contrast, where art though (and the broader US) with regards to freer trade and hence the CPTPP and related?!

Yes, am looking forward to:

Asia-Pacific Economic Cooperation (APEC) Trade Ministers' Meeting to be held in Suzhou, China on the 22nd and 23rd May meeting

Over the last week…

Costa Rica becomes 13th member of CPTPP

It becomes the second nation to accede to the CPTPP outside the original membership, following the United Kingdom.

Entry isn’t expected until the second half of 2027, but trade minister Todd McClay said it meant over 94 percent of New Zealand’s exports to Costa Rica would be duty-free from day one, and 99 percent within ten years.

Along with New Zealand, the other members of the agreement are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, the United Kingdom, and Vietnam.

China, Taiwan, Ecuador, Uruguay, Ukraine, Indonesia, Philippines, United Arab Emirates, and Cambodia have all applied to join the agreement.

Worth reading

https://www.bilaterals.org/?costa-rica-becomes-13th-member-of

https://ukpoliticsdecoded.uk/decoded-blog/costa-rica-joins-cptpp-uk-trade-bloc-may-2026.html

CPTPP reaches key agreement on Costa Rica's accession to the bloc

https://logistica360.pe/cptpp-logra-acuerdo-clave-en-adhesion-de-costa-rica-al-bloque/

https://www.rnz.co.nz/news/political/594442/costa-rica-becomes-13th-member-of-cptpp

Elsewhere in the world….excellent G Zero Media report

Canadian Prime Minister Mark Carney attended a meeting of the European Political Community in Armenia this weekend, a first by the leader of a non-European country.

He was invited to discuss common interests in trade, energy, and security. In a speech that echoed his address to the World Economic Forum in Davos two months earlier, Carney called on middle powers, including Canada and European nations, to work together in the wake of disruption of the established world order — implicitly pointing to the United States. “It’s my strong personal view that the international order will be rebuilt,” he told the crowd in Yerevan, “but it will be rebuilt out of Europe.”

So while it’s unlikely that Canada will definitively swap Washington for Brussels, a deeper transatlantic partnership appears to be in the cards — and a popular option on both sides of the pond. What shape that takes might depend on the fate of the United States-Mexico-Canada Agreement (USMCA) this summer. Should that trade deal not be renegotiated by July 1, Canada — and Carney — will feel even greater pressure to diversify trade and shore up alliances elsewhere.

https://www.gzeromedia.com/news/analysis/as-ties-with-the-us-fray-canada-looks-across-the-atlantic

And mentioning Canada, beef, the CPTPP and the Mercosur deals…

Beef sector warns new trade deals may undercut Canadian producers

As Canada moves ahead with trade agreements like the CPTPP and potential Mercosur deal, beef industry representatives are raising concerns about the long-term sustainability of the sector.

Yes, on BBC radio today, a story which effectively highlights again whilst CPTPP member Chile has lots of positive trade angles that are attracting many Argentian consumers / spenders:

Every year, hundreds of thousands of Argentineans cross the Andes looking for bargains. We'll be finding out why, and if it's a trend that's going to last.

https://www.bbc.co.uk/sounds/play/w3ct8gfr

A spokesperson for International Trade Minister Maninder Sidhu said they’re committed to working with the industry to address barriers to the UK market, but noted that Canadian beef exports to CPTPP markets saw a 149.5% increase in beef exports between 2018 and 2025, from $338 million to $842 million.

“The U.K.’s accession will integrate another major G7 economy into the CPTPP framework and regional supply chains, providing greater certainty and further opportunities for Canadian exporters, including our farmers, to diversity trade and investment,” they said.

https://www.ipolitics.ca/2026/05/06/beef-sector-warns-new-trade-deals-may-undercut-canadian-producers/

We await for the Trump / Xi meeting on 14th/15th May. Lots to discuss re politics and trade. I keep on hearing mentions of the Board of Trade.

Nice ‘Board of Trade, Ahoy’ piece here…

https://chinaarticles.substack.com/p/board-of-trade-ahoy

…but it makes me think about the ‘Board of Peace’ and related Trump seems to want to chair.

Interesting to be reminded that back in March this year…

In March of this year, Singaporean Prime Minister Lawrence Wong stated at the Boao Forum that Singapore "supports and welcomes China to join the CPTPP." This prompts me to reflect on why Taiwan has consistently struggled to achieve substantial breakthroughs in regional economic integration, a matter of vital economic importance.

https://www.chinatimes.com/opinion/20260510002376-262104?chdtv#disqus_thread

My own thoughts:

Watch the upcoming Trump/Xi trade (and more) discussions later this week. The former is talking more about a 'Board of Trade', which possibly is an early attempt to create an alternative to the WTO. Simultaneously, some recent CPTPP/EU discussions provide an alternative trade perspective. Will be interesting to see if China gives any opinions on all this; whilst the US can try to be isolationist if it wishes (not wise economically, but the US have the best scope to be isolationist of any G20 country), this is not true of China, Europe, the average CPTPP member etc. - and Taiwan too. Maybe some early stage answers by the end of this month.

And talking about the WTO

The WTO has opened online registration for this year's Public Forum, titled Powering the Future, which will take place at the WTO premises in Geneva from 15 to 17 September. It has also launched a call for proposals for the event, which this year will focus on services trade.

https://www.wto.org/english/news_e/news26_e/pfor_30apr26_370_e.htm

https://www.youtube.com/watch?v=CsuuO1Y1XVM

(and also on the WTO…as per some of the above)

At a meeting of the Committee on Balance-of-Payments Restrictions held on 5 May, WTO members discussed the United States' new notification regarding the imposition of import surcharges to address the country's serious balance-of-payments deficits. The United States said the surcharges took effect on 24 February 2026 and will expire on 24 July 2026, unless extended by an act of Congress. Members welcomed the transparency of the United States and its readiness to engage in consultations in line with WTO rules.

https://www.wto.org/english/news_e/news26_e/bop_05may26_385_e.htm )

Good bit of news for Canada and Mexico…now they just have to sort out a (new) trade deal with the US!

Nothing formally yet re Costa Rica, but might not be far off…

Costa Rica 🇨🇷 is close to finalizing its negotiations with the CPTPP to join as a full member.

https://observador.cr/costa-rica-espera-concretar-en-pocos-dias-su-ingreso-al-acuerdo-transpacifico-acceso-al-15-del-pib-mundial/

Good news re trade…

#1

Starting May 1, China's zero-tariff policy takes full effect for 53 African countries with which it has diplomatic relations, as announced by Chinese President Xi Jinping in a congratulatory message to the 39th African Union Summit on Feb. 14.

#2

#3 Whisky and the US

But…

And also trade angst re the G2?

WTO is also messy, so what about other trade groups

RCEP represents a more inclusive and incremental approach to meeting standards among a diverse group of economies, while CPTPP features a more focused membership.

APEC is well placed to identify and advance practical opportunities for alignment, or at least greater coordination, between the CPTPP and the RCEP.

Useful work could be done on mapping rules and identifying low-cost alignment opportunities between the CPTPP and the RCEP.

https://www.chinadaily.com.cn/a/202604/28/WS69f000bea310d6866eb45d95.html

Ah yes, the FTAAP

https://mb.com.ph/2026/05/04/beijing-aims-to-merge-top-trade-blocs-into-one-massive-asia-pacific-deal

I agree that ASEAN should give RCEP a chance…

https://eastasiaforum.org/2026/04/30/asean-must-give-rcep-a-chance/

….but is an expanded CPTPP a better idea than the WTO…

…yes, back to the push of Mark Carney, middle powers / CPTPP and the EU angles.

But what about the (People’s) Republic of China role?

(Re latter link https://www.mofa.gov.tw/News_Content.aspx?n=95&s=121153

I tell you what I am looking forward to:

The long-delayed summit between US President Donald Trump and Chinese President Xi Jinping is finalised for 14-15 May 2026 when Trump travels to Beijing.

Hope you find the general show notes below of use.

UK-Mexico CPTPP trade to begin from 22 June 2026, following Mexico’s belated ratification of the UK’s accession protocol.

Means Canada as the only member of the 12-nation bloc which has yet to approve UK membership.

For Mexico, one key benefit will be a new 8,000-tonne UK tariff rate quota for bananas, with a special in-quota tariff rate of £40 per tonne.

https://borderlex.net/2026/04/23/uk-mexico-cptpp-trade-to-begin-in-june/

Vietnam is the 2026 CPTPP chair

The CPTPP is considered a vital "next-generation" trade agreement for Vietnam, aiding its goal to become an industrialized nation by 2045, with a particular focus on gaining deeper access to key markets.

Couple of weeks ago…

To Lam, general secretary of the Communist Party of Vietnam Central Committee and president of Vietnam, arrived in Beijing on Tuesday for a state visit to China through Friday.

China is the first country To Lam visits following his recent election as Vietnamese president.

Vietnam expressed its support for China’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in line with the agreement’s standards and procedures. Vietnam also voiced support for China hosting APEC in 2026, while China backed Vietnam’s hosting of APEC in 2027. The sides further affirmed support for countries to engage in equal negotiations to address trade issues through measures consistent with the rules of the World Trade Organisation (WTO).

https://vietnamlawmagazine.vn/vietnam-china-issue-joint-statement-on-deepening-comprehensive-strategic-cooperative-partnership-in-new-era-79242.html

Vietnam / China

‘One China’...

Brunei-linked ‘Taiwan application to join the CPTPP’

Under China's influence, officials from member states sometimes refrain from explicitly stating their support or opposition to Taiwan's application for membership, instead using diplomatic language such as "the relevant authorities are still considering it" to appease Taiwan; or they may verbally express support but fail to take concrete actions to assist Taiwan. Furthermore, given the high degree of overlap between the CPTPP and RCEP (Regional Comprehensive Economic Partnership Agreement), and China's existing membership in RCEP, while also applying to join the CPTPP, suggests that China is not concerned about when it will join.

However, China has already signed bilateral free trade agreements with Peru and Chile, leaving only Canada, Mexico, and the UK without bilateral or regional trade agreements with China. For China, if the existing tariff and non-tariff treatment measures with these three countries under the WTO framework are sufficient, it won't be in a hurry to join the CPTPP. Otherwise, it would need to further expand its market opening and then use its own stalled application to hinder Taiwan's application—which would be perfectly convenient.

https://www.daipai.tw/article.php?SerialNo=66232

Japan has been building CPTPP…

Vietnam pledges to support Argentina in accessing ASEAN, Asia-Pacific markets

The ambassador spoke highly of the commencement of negotiations on a preferential trade agreement (PTA) between Vietnam and the Southern Common Market (MERCOSUR) in December 2025, appreciating Argentina’s proactive role and support in realising this milestone.

During a working session between ASEAN ambassadors and Argentina’s Minister of Foreign Affairs, International Trade and Worship Pablo Quirno in Buenos Aires, Nguyet underscored economic and trade cooperation as a pillar of the Vietnam – Argentina Comprehensive Partnership.

He highlighted Argentina’s strengths in civil nuclear and space technology, expressing interest in cooperation with ASEAN countries in these fields. He added that Argentina is considering an application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

https://en.vietnamplus.vn/vietnam-pledges-to-support-argentina-in-accessing-asean-asia-pacific-markets-post341354.vnp

The trans-Pacific bloc is set to admit further new members in coming years.

Costa Rica is reported to be close to finalising accession negotiations launched in late 2024. A senior source from a member government told Borderlex this week that once Costa Rica’s accession talks had been wrapped up, Uruguay would be “next in line” to join.

Where did I get that title from?

South Korea and the CPTPP

https://asaninst.org/bbs/board.php?bo_table=s1_3_eng&wr_id=105

Middle powers only?

China, Canada, the CPTPP…and the WTO?

https://www.theglobeandmail.com/politics/article-canada-china-indo-pacific-trade-pact/

WTO and China and ‘who will write the alternative rules’

And in an article titled: “Trade Explainer: EU-CPTPP Cooperation and the Search for New Coalitions”, was interesting to note:

If the WTO does manage to stabilize the e-commerce moratorium and advance its digital agenda, EU-CPTPP cooperation could reinforce that momentum. If not, Yaoundé may be remembered as another confirmation that the center of gravity is shifting. Middle-power coalitions are no longer waiting for consensus to emerge. They are building it elsewhere.

https://www.gmfus.org/news/trade-explainer-eu-cptpp-cooperation-and-search-new-coalitions?utm_source=Concep&utm_medium=email&utm_campaign=World+Wire%3a+GMF+Launches+the+European+Defense+Roadmap+Initiative_04%2f10%2f2026

Lots of new global trade survival tactics to keep focusing on

Thanks,

Chris Bailey

Many thanks!

Podcast 11 - Ten Pods Down, Much More To Come!

Ten podcasts down but much more to learn in this changing global trade world

Podcast 1 ‘Goodbye TPP’ talked about Trump’s decision three days into his first presidency

Podcast 2 ‘The U.K. Joins’

Podcast 3 “How Big Is Your New Trade Deal?”

Podcast 4: ‘Global New Joiners…Or Not?’

Podcast 5: CPTPP 2026 Chats So Far

Podcast 6: ‘Entering A New Era’

Podcast 7: ‘Trade, Disagreements and The Wealth of Nations’

‘This breakdown has been building over time…more recently Great Powers have been using economic integration as weapons…tariffs as leverage, financial infrastructure as coercion, and supply chains as vulnerabilities to be exploited’

‘Combine in a third path for impact’ rather than just trying to gain favour

CPTPP-EU is a ‘modernisation of WTO rules’

https://www.youtube.com/watch?v=RNU0d0gu84M

Podcast 8: CPTPP’s “Shared Visions – Shared Actions”

Podcast 9: Plurilateral Trade Route Talks

(plur-lat-er-al)

Podcast 10: April Fools’ Day (and Global Trade)

And WTO trade meeting disappointments.

As for this week…

03/04/26 -

On the 3rd, former Bank of Japan Governor Haruhiko Kuroda published recommendations for maintaining and strengthening free trade. He pointed out that the World Trade Organization (WTO) is dysfunctional in the face of issues such as overproduction in China and the tariff policies of the US Trump administration. He called for the creation of a new framework by Japan, Europe, Southeast Asia, and other countries that incorporates high levels of trade discipline.

https://www.nikkei.com/article/DGXZQOUA01B6Z0R00C26A4000000/

A point reiterated here by GZero Media:

The bottom line: Tariffs didn’t sink the global economy. They made it more brittle, more fragmented, and more dependent on everything else going right. With Iran now in the mix, that’s a far shakier bet.

https://www.gzeromedia.com/graphic-truth/where-us-tariffs-stand-one-year-after-liberation-day

And this was good:

‘The CPTPP is less constraining than people think…rather than see it as a grand policy alliance, it was more useful to see it as a platform for trade that may help us once WTO is fully non-operational’.

Very good! And so lots more to talk about re the CPTPP, trade, and related.

Was good to read…

The European Union and Australia agreed to a free-trade deal, wrapping up almost a decade of talks. 8 years in the making. More stimulus after the Trump global tariff push; will help cheese and wine, luxury cars tariffs be phased out, some food names will evolve too, critical minerals a positive.

“Open rules based trade change matters more than transactions”

Meat was biggest sticking point, Australia now got quotas.

Steel no changes for both

David Henig is Director of the UK Trade Policy Project.

The EU-Mercosur trade deal

Interesting to see this chat from U vdL the PM of New Zealand

Published on the eve of the fourteenth WTO Ministerial Conference (MC14), this new report addresses a profound crisis: the global trading system has moved from a period of gradual realignment into a an open rupture. Economic interdependence is being aggressively weaponised through tariffs and coercive statecraft, and major economies are increasingly sidelining core WTO obligations.

https://institutdelors.eu/en/publications/after-the-rupture-eu-cptpp-responses-to-a-changing-global-trading-order/

EU are planning to vote on the US trade deal (July 2025)

https://www.politico.com/news/magazine/2026/03/26/trade-carney-canada-eu-us-trump-wto-00844444

The World Trade Organization is at a “critical juncture” and requires deep, structural reform, the European Union and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) said on Friday, citing mounting challenges to the multilateral trading system.

https://millichronicle.com/2026/03/64169.html

Joint Ministerial Statement from the EU and the CPTPP at the 14th WTO Ministerial Conference

A Joint Ministerial Statement from the European Union and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership on the occasion of the 14th Ministerial Conference of the World Trade Organisation.

https://policy.trade.ec.europa.eu/news/joint-ministerial-statement-eu-and-cptpp-14th-wto-ministerial-conference-2026-03-27_en

WTO risks sliding into irrelevance, EU trade commissioner warns-ft

"Services already account for more than half of economic activity in most economies. But their importance goes far beyond their direct contribution to GDP and employment," she stressed.

DG Okonjo-Iweala highlighted the new opportunities created by services, particularly those powered by digital technologies

WTO talks in Cameroon in March ended in a deadlock over whether to continue the freeze on customs duties for digital content.

World Trade Organization talks ended in a deadlock early on March 30 as Brazil blocked a bid by the U.S. and other countries to extend a moratorium on customs duties for electronic transmissions, dealing a fresh blow to the embattled trade body

Initial phase of the EIB-WTO Trade and Investment Facilitation Initiative

China to support technical assistance projects on investment facilitation

US allies between a rock and an ever-harder place

https://eastasiaforum.org/2026/03/30/us-allies-between-a-rock-and-an-ever-harder-place/

On April Fools’ Day we should be thinking much more about

“Shared Visions – Shared Actions” not bilateral trade deals

Thank you again for listening.

Podcast 9: Plurilateral Trade Route Talks

(plur-lat-er-al)

The WTO's 14th Ministerial Conference (MC14) will take place from 26 to 29 March 2026 in Yaoundé, Cameroon…and there is lots of pre-event talk:

WTO Reform Deadlock Pushes Countries Toward Alternative Global Trade Alliances

https://humanonline.org/news/wto-reform-deadlock-pushes-countries-toward-alternative-global-trade-alliances

Failure to reform WTO may prompt some countries to seek other free-trade options

https://www.theglobeandmail.com/business/article-wto-reform-meeting-cameroon-free-trade-eu-cptpp/?utm_source=dlvr.it&utm_medium=twitter

WTO members warn that if next week’s WTO trade ministerial in Yaoundé fails to yield a clear reform roadmap—particularly for the frozen dispute settlement body—some will turn to plurilateral routes like the EU–CPTPP axis to advance free trade.

https://www.globalbankingandfinance.com/wto-reform-deadlock-prompt-countries-seek-options-free-trade/

Much more to come next week on this!

Back to CPTPP matters after last week’s “Shared Visions – Shared Actions” podcast

‘The bloc's future direction under Vietnam's 2026 chairmanship will depend on its ability to forge a unified strategy for both expansion and the upgrading of its existing rules.’

https://itradecouncil.org/blog/2026-03-18-the-pacific-pact-s-paradox-is-the-cptpp-s-popularity-a-threa

I read one article talking about

https://gaimmigrationlawyers.com/cptpp-work-permit-canada-australia-japan/

Work Permit Opportunities Through the CPTPP

Under the CPTPP there are many options for Australian and Japanese temporary foreign workers to come to Canada.

Mentions of professional and technician workers plus extended work permits as a consequence of CPTPP membership…which makes you wonder about how other CPTPP members interact on such matters. Certainly it will be more efficient with its ‘gold standard’ trade rules set-up.

I also read some mining sector angst too entitled:

Coal, eh?!

Talking about Australia, interesting also to read more than once that:

Meanwhile,

And in a couple of articles the Philippines secures support for its entry into the CPTPP, after receiving the backing of the trade bloc's members, an Australian official confirmed

https://es.vietnamplus.vn/filipinas-logra-respaldo-para-su-ingreso-al-cptpp-post233428.vnp

https://www.pna.gov.ph/articles/1271348

Lots to keep on thinking about

But later this week, this brings us back to the WTO…and global or plurilateral (plur-lat-er-al) trade thinking.

Podcast 8: CPTPP’s “Shared Visions – Shared Actions”

Busy global world re trade and tariffs

After last month’s Supreme Court decision, the Trump presidency is now talking to many countries about Section 301 and Section 122 tariff implementation including some CPTPP members including Malaysia, Vietnam, Mexico, Japan among many other global economies including the EU and India. Hmm!

In other CPTPP news, interesting to here about the new president of Chile José Antonio Kast Rist

Chile is the latest Latin American country to lurch to the right as voters back law-and-order candidates to fight the spread of organized crime.

Kast, 60, trounced Jeannette Jara, a communist, in December's election run-off to clinch the presidency on his third attempt.

He is Chile's most hardline leader since the brutal 1973-1990 dictatorship of General Augusto Pinochet -- whom Kast greatly admires.

Last week, Kast was among a dozen right-wing allies of US President Donald Trump who gathered in Florida to seal a new US-led "Counter Cartel" military coalition.

https://www.france24.com/en/live-news/20260311-chile-s-kast-most-right-wing-president-since-pinochet-takes-office?utm_source=semafor

As for new potential CPTPP members, the president of Uruguay mentioned positives about expanding deals via joining not only the CPTPP, but also the Regional Comprehensive Economic Partnership (RCEP), an alliance comprising 10 countries from the Association of Southeast Asian Nations (ASEAN), after the

The European Union and four Mercosur countries – Argentina, Brazil, Paraguay and Uruguay – reached a political agreement on 6 December 2024

Re the CPTPP specifically, the president was quoted as observing: "We're going to leave the CPTPP on track and maybe even a little more"

https://www.elpais.com.uy/informacion/politica/el-gobierno-estima-que-ingreso-a-la-alianza-comercial-anunciado-por-orsi-se-concretara-en-este-periodo?utm_medium=social&utm_campaign=elpaisuytw&utm_source=Twitter

As for Costa Rica, I saw the country’s foreign trade minister was in Canada last week to talk with his Canadian peer

No specific timing update news though, yet.

A few other interesting articles, an interesting piece last week about Indonesia and the CPTPP which I have put in the show notes talking about how:

“CPTPP offers a unique platform for ambition: to deepen trade, expand opportunities for businesses and uphold high standards.” from an article in the Jakarta Post.

Nice article, noting how a broader CPTPP creates a more coherent environment for trade and investment.

https://www.thejakartapost.com/opinion/2026/03/13/indonesias-cptpp-accession-unlocking-opportunity.html?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1773384385

Elsewhere in Asia, I read an article in Taiwan News noting that the country “seeks Australia's backing for CPTPP bid”, meeting a former Australian PM to help push the hope

https://www.taiwannews.com.tw/news/6318548

Another akin article on the Central New Agency Taiwan website observing:

“Former UK Trade Secretary: CPTPP aims to limit China's membership rights and should not be influenced by China”

https://www.cna.com.tw/news/aipl/202603160271.aspx

CPTPP remains very relevant; remember in last couple of podcast we talked at length at the big push - led by Canada’s PM Mark Carney - for Middle Powers and potential CPTPP-EU link-up angles.

Yes, some early stage but - as noted at the start of today’s podcast - US tariff angst is making more political leaders think about where they are. And don’t forget we have the important WTO meeting in Cameroon occurring at the end of this month. More on that later this month!

Before we get the WTO meeting review in a couple of weeks, next week’s podcast - ceteris paribus in a very changeable world - is going to be focused on whether there is any overt insights on what current CPTPP members are explicitly focused on for 2026.

First senior officials’ meeting of CPTPP in 2026 opens in Hanoi under the theme “Shared Visions – Shared Actions” https://vietnamlawmagazine.vn/first-senior-officials-meeting-of-cptpp-in-2026-opens-in-hanoi-78922.html

During the year, members are expected to focus on several priorities, including strengthening and upgrading the agreement to keep pace with global trade trends and advancing the accession process of new members to expand the scope of cooperation.

Members will also review accession processes of economies applying to join the agreement, including Costa Rica and Uruguay, as well as other potential partners. Discussions will also cover trade and investment dialogue mechanisms between the CPTPP and external partners and measures to strengthen implementation capacity.

Much more on this in next week’s podcast.

***********

Three weeks since my last podcast!

The last podcast / CPTPP, and Middle Powers ‘entering a new era’

Chat about potential CPTPP / EU talking about

‘a powerful near 40-nation mega trade bloc’.

From the South China Morning Post

A reported threat by US President Donald Trump to withdraw from the North American trade pact could push Canada closer to China, analysts say, even as his new global 15 per cent tariff has little immediate impact due to existing trade agreements.

Washington, Ottawa and Mexico City are set to renegotiate terms of the US-Mexico-Canada Agreement (USMCA) before a possible extension on July 1.

Mark Carney was in China

And then in Australia 4th March at the Lowy Institute

04/03/26

Speaking at the Lowy Institute in Sydney, Canadian Prime Minister Mark Carney argued that the rules-based international order is not in transition but in rupture, and that middle powers like Canada and Australia cannot afford to wait for it to be restored.

‘This breakdown has been building over time…more recently Great Powers have been using economic integration as weapons…tariffs as leverage, financial infrastructure as coercion, and supply chains as vulnerabilities to be exploited’

‘Combine in a third path for impact’ rather than just trying to gain favour

CPTPP-EU is a ‘modernisation of WTO rules’

https://www.youtube.com/watch?v=RNU0d0gu84M

And then via the

“The EU currently has bilateral free trade agreements with most CPTPP members, but it is still negotiating with Australia and Malaysia, and no talks are currently planned with Brunei…The EU and CPTPP countries doubt Washington’s threats can persist beyond the Trump administration, nor that its approach will ultimately succeed”

https://carnegieendowment.org/emissary/2026/02/trump-tariffs-supreme-court-eu-cptpp-middle-powers-response

07/03/26 -

Via The East Asia Forum

https://eastasiaforum.org/2026/03/07/leverage-in-the-australia-china-iron-ore-trade/

Perfect not only with all the above but also into the upcoming WTO meeting later this month

26 to 29 March in Yaoundé, Cameroon.

06/03/26 -

WTO members on 5 March completed a series of meetings dedicated to advancing work on WTO reform. Over the past month, members have exchanged views on a draft ministerial statement and a work plan intended to frame the scope of reform efforts following the 14th Ministerial Conference (MC14) on 26-29 March. They also finalized preparations for the ministerial level political discussion on reform to be held at MC14 in Yaoundé, Cameroon. The reform facilitator, Ambassador Petter Ølberg of Norway, described the exchanges as substantive, thoughtful and conducted throughout in a positive spirit.

At the meeting, China, Paraguay and the United Kingdom presented proposals they have put forward on reform.

The facilitator acknowledged that some members may find the current version of the draft "less specific" than they would have preferred, while others may feel it remains "more prescriptive" than desired. He also noted that this draft carefully balances the perspectives of all 166 members, reconciling differing levels of ambition and specificity. The facilitator recognized that concerns amongst members on the draft persists, and he noted that further drafting alone will not resolve them.

https://www.wto.org/english/news_e/news26_e/refrm_05mar26_306_e.htm

Adam Smith 250 years since the publication of The Wealth of Nations

‘An Inquiry into the Nature and Causes of the Wealth of Nations, generally known as, The Wealth of Nations’

Key ideas of The Wealth of Nations -

Specialism helps, interest groups want restrictions to help themselves, key is the living standards of people, individuals make better decisions than governments

Adam Smith called it a violent attack on many of the then powers of Britain e.g. church, universities, East India Company, colonial system that leads to monopolies

Took a time until the 19th century before free trade occurred

US Surpreme Court and ‘Who Wants to Enter a New Trade Era?’

New general US tariffs of 10-15%

Back to the current US president and the notion that:

The United States has stated that the era of the World Trade Organization (WTO)'s basic rule of nondiscrimination – called "MFN," standing for "most-favored-nation," is over.

Trump prefers basic bilaterals after all! Even the USAMCA is tricky to easily continue!

Or as Adam Smith put it:

"All for ourselves, ​and nothing for other people, seems, in every age of ​the world, ⁠to have been the vile maxim of the masters of mankind."

Please feel free to contact me at chris.bailey@financialorbit.com if you have any questions or would like to make any comments.

Thank you for reading and listening.

I know, it is not the most catchy title, but at least I did not try to say the Comprehensive and Progressive Agreement on Trans-Pacific Partnership podcast.

Meanwhile global trade is getting even more important to talk about

Podcast 4: Global New Joiners…Or Not?

Podcast 5: CPTPP 2026 Chats So Far

If you have any questions or observations then please contact me at chris.bailey@financialorbit.com

I know, it is not the most catchy title, but at least I did not try to say the Comprehensive and Progressive Agreement on Trans-Pacific Partnership podcast.

Meanwhile, global trade is becoming even more important to talk about…so let’s talk about it!

Episode 1 includes:

Podcast 1: Goodbye TPP

Podcast 2: The U.K. Joins

Podcast 3: How Big Is Your New Trade Deal?

New podcasts every Monday.