Australia said Tuesday it was working to recast the Trans-Pacific Partnership without the United States and opened the door for China to sign up after President Donald Trump ditched the huge trade pact.
Following the announcement by the United States on its withdrawal from the Trans Pacific Partnership Agreement (TPPA), Malaysia and the 10-other members will hold a meeting to discuss the next course of action on the world's largest trade deal.
China will be handed the opportunity to reshape the rules for global trade and profit from a more isolated US if President-elect Donald Trump carries out his pledge to abandon the landmark TPP pact, observers say.
US President Barack Obama on Sunday defended free trade as fellow Asia-Pacific leaders vowed to fight protectionism after Donald Trump's shock election victory sparked fears for the future of global commerce.
Malaysia will "wait and see" before making any further decision on the Trans-Pacific Partnership agreement following concerns that the initiative will not come into force with the election of Donald Trump as US President.
A leader-level consultation session on the Trans-Pacific Partnership (TPP) pact will be held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit as the leaders converge in Peru's capital this week for the world's largest regional economic group meet.