The Trans-Pacific Partnership is back on, and has been renamed the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP). Who the hell thought of that name? But it’s just a long winded name.

RNZ: TPP deal revived once more, 20 provisions suspended

The Trans Pacific Partnership (TPP) trade deal remains on track to be agreed by the eleven nations involved.

It has been a tumultuous couple of days for ministers and trade negotiators at Da Nang in Vietnam: 24 hours ago, the deal looked close to collapse, after Canada’s representatives failed to show for a meeting.

A key concern from Canada was reported to be that Malaysia and Vietnam wanted to opt out of requirements for fair workplace laws, including the elimination of child and forced labour.

Speaking to reporters late last night, the Canadian Prime Minister Justin Trudeau said there was “still more important work to be done to ensure we reach the best deal for Canada and Canadian people”.

Everyone wants the best deal for their own countries and people, but they will only reach agreement by compromising.

But more high-pressure talks have brought agreement – in principle – on the “core elements” of a deal.

The officials did it by suspending 20 provisions of the original TPP, some of which related to protecting labour rights and the environment, although most dealt with intellectual property.

Stuff: Renamed TPP ‘a damned sight better’, could be in place in a few months

Prime Minister Jacinda Ardern made it clear on Saturday that concessions won, particularly on controversial investor-state disputes settlement clauses, had cleared the way for New Zealand to sign.

“This is not a perfect agreement but it is a damned sight better than what we had when we started,’ she told reporters after the leaders’ retreat at the Apec summit in Da Nang, Vietnam.

“It is not perfect, no free trade agreement is. But it’s a lot better than where we were three weeks ago.”

That will please some  but others will never be happy with any trade agreement.

Trade ministers, including New Zealand’s David Parker, issued a statement acknowledging agreement on the core elements of the CPTPP.

They also released a list of “suspended issues”, which were essentially those that had been important to the US.

They can now only be written back into the deal by negotiation – and only by consensus of all the parties – if the US seeks to rejoin, perhaps in the post-President Donald Trump era.

That’s at least three years off. There’s obviously no need for US specific clauses.

That, in theory, means New Zealand can prevent the suspended changes to the ISDS regime from re-entering the agreement.

“If America comes in, it’s not an automatic lifting of those suspended provision … we worked hard to have lifted,” Ardern said.

The agreement would now be taken back to a select committee for the public and Parliament to assess it.

It will be interesting to see how much it is protested this time.

Ardern said New Zealand negotiators had worked hard on the ISDS clauses, which allow corporations to take legal action against host countries in special tribunals.

They have been narrowed in three areas:

* First, they no longer apply to investor screening, so decisions made under the Overseas Investment Act regime, administered by the Overseas Investment office, could not be challenged. Ardern said that was perhaps the most important change.
* Second, anyone who takes up a contract with the government would no longer be able to sue through ISDS provisions but must instead use domestic procedures.
* The third change related to financial services.

Also, a side letter with Australia has ruled out the use of ISDS provisions between the two countries, meaning ISDS does not apply to 80 per cent of foreign direct investment from TPP nations.

A “handful” of other countries have agreed in principle to ISDS side letters. but Ardern said she could not disclose them now.

Ardern said the ISDS provisions in the CPTPP were now similar to previous trade agreements New Zealand has signed, such as with China and Malaysia.

New Zealand had wanted to go further, but she regarded the progress over just a few weeks since she came to office as “a good outcome”.

But New Zealand had now put a line in the sand.

“We will not sign up to future agreements that include those clauses.”

Other suspensions in the new CPTPP included to copyright provisions. The US had achieved a “life plus 70 years” rule, but that would now drop back to the current “life plus 50 years”. That was worth $50 million to $55m a year to New Zealand.

Also, disclosure and administratives rules imposed on drug buying agency Pharmac would now be suspended, which would have cost $5.5m up-front and $2.5m a year.

The remaining hurdles to all 11 CPTPP nations are four outstanding issues, on which negotiation was still required.

They included how long Vietnam had to meet certain labour standards, and the time when Brunei and Malaysia will make changes to restrictions in their oil and gas industries.

The fourth issue applies to Canada, which is arguing for a “culture” carve out – essentially so it can offer bigger subsidies for French-language programming. New Zealand was a supporter of Canada on that issue.

So the CPTPP could take a while yet but looks back on track.

A fresh approach to negotiations with new leadership may have been a good thing for New Zealand.