The United States and 11 other Pacific Rim Nations reached final agreement Monday on a broad free trade deal that will cut taxes and reduce trade barriers for almost half of the world’s economy.
“When over 95% of our potential customers are living outside our borders, we can’t allow countries like China to write the rules of the global economy”.
“Mr Robb says he’s put in place a range of carve-outs which protect Australia’s health and environmental regulations, and also excluded tobacco companies, so we look forward to seeing how robust those protections are”, she said.
The TPP deal has been controversial because of the secret negotiations that have shaped it over the past five years and the perceived threat to an array of interest groups from Mexican auto workers to Canadian dairy farmers.
And critics, including Democratic presidential candidate Bernie Sanders, described the deal as “disastrous” and pledged to do all he can to defeat this agreement in the Senate.
Proponents of the deal say it would open up new markets for US goods.
Accolade Wines sales and marketing director Jack Glover said this would make exporting wine to the United States easier. Conspicuous for its absence is China, the world’s second-largest economy.
“With strengthening in rules on intellectual property rights and measures to address piracy and counterfeit goods, Japan’s contents business will enjoy entering foreign markets with a sense of safety”, he added.
The Washington, D.C.-based Biotechnology Industry Association said it was “very disappointed” by reports that USA negotiators had not been able to convince Australia and other TPP members to adopt the 12-year standard approved by Congress.
Canada’s mining industry has been a strong advocate for liberalized trade and investment flows for many years….
It is not clear whether the U.S. Congress will support the trade deal.
“Obviously we didn’t get everything we wanted, but nor did anyone else”.
U.S. lawmakers have the power to review the agreement and cast an up-or-down vote, but not amend it. The other countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The US Treasury Department said Monday that the countries will continue to separately work together “strengthen macroeconomic cooperation, including on exchange rate issues”.
The Obama administration says achieving such a landmark agreement gives the US leverage over commerce standards in the region, and potentially reins in Chinese influence.
“This is an extraordinary deal for our future prosperity and we’ve done it on our terms, something Trade Minister Andrew Robb should be congratulated for”, Ms Westacott said.