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The US withdrawal from the Trans-Pacific Partnership (TPP) creates greater opportunity for the remaining 11 signatories, TPP11, to reform their domestic and regional trade regulations.



The Executive Director of the Singapore-based Asian Trade Centre Deborah K. Elms, said this contrary to popular belief that the backing out of the US would bring catastrophic effect to the economy and security of the remaining 11 countries in the trade deal or the Asia Pacific region in general.



She stressed that the US does little in TPP other than textile, footwear and some food products, as the US market is relatively open already.



As such, countries outside the US can access to their services, investment, Intellectual Property (IP) rights, and custom rules.



As for the 11 countries they will benefit each other through access to services, change customs rules, and protection of their IPs.



She added that the TPP11 will help lowering trade barriers between countries which can be realised by reforming the regional trade regulations.



Elms said while those benefits would remain for the 11 countries, the US-based companies would face difficulties to access these markets and hence, lower the competitive pressure from them on TPP11-based companies.