Russia’s President Vladimir Putin next to his Peruvian counterpart Pedro Pablo Kuczynski at the APEC Leaders’ Retreat. AFP / RODRIGO BUENDIA
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Fast-growing Asia-Pacific economies will strike more trade deals among themselves as opposition grows in Europe and the U.S. to globalization, analysts say, warning the West will lose out as the dynamic region powers ahead.The Trans-Pacific Partnership, an agreement of 12 Pacific Rim economies, was the economic plank of President Barack Obama's "pivot" to Asia, and notably excluded China as the U.S. sought to combat Beijing's rising influence.A proposed deal between the European Union and the U.S. is now unlikely to be signed after Trump's win, while a trade accord between the EU and Canada took seven years to complete and was nearly torpedoed by resistance from a tiny Belgian region.In reality, myriad small-scale trade deals had already mushroomed in Asia in recent years as efforts to forge truly global accords through the World Trade Organization proved difficult.The U.S. election of Trump – who repeatedly railed against trade accords and dubbed the TTP a "terrible deal" – combined with rising opposition to free trade elsewhere is likely to accelerate that trend, experts said.
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