Trump officially withdraws US from TPP

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President Donald Trump has officially withdrawn the US from the Trans Pacific Partnership Agreement.

Mr Trump, who went to last November's election promising to withdraw the US from the 12-country TPP on his first day in office, describing it as a "potential disaster", overnight signed the executive order officially withdrawing the US from the agreement that took over a decade to negotiate.

Defeated Democrat Hillary Clinton had also committed not to ratify the agreement.

“Great thing for the American worker, what we just did,” said Mr Trump after signing the executive order. “We’ve been talking about this a long time.”

Mr Trump has also called a meeting of his counterparts in Canada and Mexico to discuss the future of the North American Free Trade Agreement.

Australia is one of a number of signatory countries to have indicated an intention to push ahead with ratifying the TPP despite US withdrawal.

Prime Minister Malcolm Turnbull announced the plan to proceed with ratification alongside Japanese Prime Minister Shinzo Abe during his recent visit to Australia. New Zealand has already passed legislation allowing ratification of the TPP and Prime Minister Bill English recently said he will continue to promote the agreement.