KUALA LUMPUR: Chief negotiators of the Trans Pacific Partnership Agreement - which hangs in a balance after US' exit - will likely come up with some options as early as next month for the remaining 11 countries in the grouping.
New Zealand Trade Minister Todd McClay said these options will be studied by the 11 trade ministers collectively later in May.
"All the options should be on the table as far as the signatories to the agreement are concerned. TPP also foresee others will join at a given period of time as there are countries interested in the TPP model."
New Zealand is the official repository or administrator of the TPPA – an agreement between Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Japan, Peru, Singapore, United States and Vietnam.
Asked if the narrowed options would include US rejoining, McClay said all options would be considered.
"We should not take anything off the table necessarily but New Zealand would be interested in any agreement that has the door open to US and others joining in when they are able to do so," he said at a media briefing after a forum themed 'Turbulent Times – The Importance of an Open Economy' this morning.
On reports of China's interest in the grouping, he said:
"I don't think you should expect us to say one country has left, we need to replace with another.
"It is now for the 11 remaining countries to consider individually and collectively what steps there may be if any to go for."
Since the signing of the agreement by the 12 signatories in Auckland last year, many of the countries have commenced on the ratification process and they include Japan, New Zealand, Singapore and Canada.
"There is a degree of ongoing momentum. US pulling out is a game changer (hence) it is very important that we all owe ourselves to take some time to consider what that means and the strategic benefit to the agreement could well be without the US."
McClay said all the 11 countries are interested on how to deliver some of significant benefits negotiated namely the common set of rules reach across Asia Pacific.
"It creates a framework of certainty for businesses and countries to invest and jobs to be created."
Whilst the US decision is disappointing, the remaining countries want to look at what the options may be, and a decision will be made after advice from the experts and officials.
At a meeting in Chile a few weeks ago, there was a declaration that stands in support of benefits of trade liberalisation and importance of a common set of rules across the Asia Pacific.