China says it has ‘open attitude’ toward TPP

Initial reaction from United States lawmakers, including Democrats and Republicans, ranged from cautious to sceptical.

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The trade pact known as the TPP is created to facilitate trade among the USA and a host of other countries scattered across both sides of the Pacific Ocean.

“Past trade deals have been a disaster for American workers, so it is imperative Congress rigorously reviews this deal to ensure the American people are not being taken for a ride yet again”, Pocan said in a statement.

“The TPP will provide a near-term boost to the USA economy, and it will shape our economic and strategic relationships in the Asia-Pacific region long into the future”.

The Obama administration also hopes that the pact could lay down new rules on global economy, which President Obama says can’t be written by “countries like China”. “The dairy component of the TPP has been a main topic of conversation with each visit Farm Bureau members have made to Wisconsin’s Congressional delegation and the U.S. Trade Negotiator in Washington, D.C.”, Holte stated.

Following the announcement, Democratic presidential candidate Bernie Sanders blasted TPP, arguing that it would cut U.S.jobs and hurt consumers as American companies seek out lower wage workers in developing economies.

Aid groups have argued that the TPP protections concerning pharmaceutical drugs will lead to companies raising prices and restricting access to products needed by a few of the world’s poorest populations. Especially in an era in which cheap energy is fueling a renaissance of manufacturing in the United States, such accords make sense. Congressman Reid Ribble, who is a former member of the House Agriculture Committee, said he is hopeful this deal will give Wisconsinites the ability to sell more of their goods overseas. The Trans-Pacific Partnership aims to eliminate this type of protectionism through enforceable rules, and that’s another big reason China won’t be joining the TPP anytime soon.

“Given the political sensitivity of the deal, supporters of the agreement may push to hold the vote as far ahead of next year’s elections as possible”, it said.

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In order for the pact to be accepted stateside, the Trans-Pacific Partnership now faces Congress, where a fierce debate is expected to unfold. It can’t amend the agreement. But in a statement Monday, the trade ministers in Atlanta said the TPP has safeguards that prevent “abusive and frivolous claims and ensure the right of governments to regulate in the public interest, including on health, safety, and environmental protection”.

After six years of negotiations a final Trans Pacific Partnership agreement has been reached in Atlanta