Trans Pacific Trade Pact Finally Agreed

Froman, the USA trade representative, noted after final agreement was reached Monday that after years of negotiations, the partners had achieved “an important first step”. That is longer than in any country but the United States.

Advertisement

Washington, Ruan said, is trying to weaken the power of the World Trade Organization by promoting TPP and the TTIP, or the Transatlantic Trade and Investment Partnership, South Korean news agency Yonhap reported.

Other nations are considering joining the huge trade bloc.

As Congress takes up the landmark trade bill, Obama is in many ways fighting with fellow Democrats who have opposed free trade for years. If countries aren’t abiding by them, then they don’t get the benefits of selling to the United States under the terms of this agreement. The professor says the agreement has no clear winners or losers.

In Japan, the auto industry hopes the agreement will open new markets for car parts that are used to make vehicles for export.

The new deal will see an increase of 65,000 tonnes base allocation for Australian sugar into the USA market, bringing the total allocation to 152,000 tonnes, with an additional twenty-three per cent share of future allocations into the U.S. market. Negotiators said it also would enforce higher standards for labor conditions and environmental protection, including wildlife trafficking. Pablo Martinez Monsivais/AP President Obama meets with agriculture and business leaders.

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.

“Wall Street and other big corporations have won again”, he said in a statement.

Key supporters of the fast-track TPA included U.S. Rep. Paul Ryan, R-Janesville, who chairs the House Ways and Means Committee.

Additional time most likely will be needed, congressional and administration officials said. “I wasn’t fooled by past trade agreements like NAFTA and I won’t be fooled by another job-killing agreement or Senator Johnson’s fantasy that closing American manufacturing facilities is good for Wisconsin’s working families or our economy”.

Advertisement

The landmark accord – which is created to encourage trade among the U.S., Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – will eliminate tariffs on all made-in-America manufactured goods exported to TPP countries, according to the White House.

Pacific Partnership would affect 40% of the world economy and would stand as a legacy-defining achievement for U.S. President Barack Obama