Infamous Trans-Pacific Partnership Trade Deal Reached

“The infamous Trans-Pacific Partnership (TPP) trade agreement has just been agreed to by the United States and Asian nations according to the New York Times:” copied.

“The United States and 11 other Pacific Rim nations on Monday agreed to the largest regional trade accord in history, a potentially precedent-setting model for global commerce and worker standards that would tie together 40 percent of the world’s economy, from Canada and Chile to Japan and Australia.”

“The Trans-Pacific Partnership still faces months of debate in Congress and will inject a new flash point into both parties’ presidential contests. But the accord — a product of nearly eight years of negotiations, including five days of round-the-clock sessions here — is a potentially legacy-making achievement for President Obama, and the capstone for his foreign policy “pivot” toward closer relations with fast-growing eastern Asia, after years of American preoccupation with the Middle East and North Africa.

Trade ministers from Pacific nations met in Atlanta in a bid to get a final agreement on the largest regional trade accord in history.

As Pacific Trade Negotiators Haggle, U.S. Officials Remain HopefulOCT. 4, 2015 Mr. Obama spent recent days contacting world leaders to seal the deal. Administration officials have repeatedly pressed their contention that the partnership would build a bulwark against China’s economic influence, and allow the United States and its allies — not Beijing — to set the standards for Pacific commerce.

The Pacific accord would phase out thousands of import tariffs as well as other barriers to international trade. It also would establish uniform rules on corporations’ intellectual property, open the Internet even in communist Vietnam and crack down on wildlife trafficking and environmental abuses ( via nytimes.com ).

Several potentially deal-breaking disputes kept the ministers talking through the weekend and forced them repeatedly to reschedule the promised Sunday announcement of the deal into the evening and beyond. Final compromises covered commercial protections for drug makers’ advanced medicines, more open markets for dairy products and sugar, and a slow phaseout — over two to three decades — of the tariffs on Japan’s autos sold in North America… ” copied.

 

 

 

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