The Trans Pacific Partnership (TPP) has been sealed in the U.S. overnight with New Zealand agreeing to terms with 11 other countries.
Taiwan’s Ministry of Foreign Affairs issued a statement late Monday to welcome the trade pact and called on the participating countries to help new members join the trade bloc as soon as possible to expand its coverage and create more benefits.
“I am disappointed but not surprised by the decision to move forward on the disastrous Trans-Pacific Partnership trade agreement that will hurt consumers and cost American jobs”, Mr. Sanders said in a statement.
Houpapa says it is critical that New Zealand takes its place at the TPP table alongside other major economies.
While the president and other backers say the deal, the largest since the North American Free Trade Agreement was signed in 1993, will be a boon to American workers, a large percentage of Democrats in Congress, labor unions and a few environmental organizations, say calling TPP a “free trade” deal is propaganda that conceals harmful elements.
The TPP will see tariffs on 93 per cent of New Zealand’s exports to FTA partners to the United States, Japan, Canada, Mexico, and Peru be eliminated.
He also expressed skepticism that the TPP’s rules on conservation challenges, such as the illegal timber or wildlife trade, would never be enforced. Proponents hope an agreement could neutralize a few of China’s power in global trade.
“It is something that will set up the next decade and in fact this agreement will set the pattern for trade deals all around the world”.
China, the No. 2 economy, is not part of the TPP.
“Working people know that TPP would be a disaster”, Chris Shelton, president of the Communications Workers of America. Supporters argue that negotiations must be scecret to allow frank discussions before a final deal is reached.
In the meantime, China has been pursuing its own bilateral trade deals with countries including Australia and South Korea.
So what does that.2% increase mean for the United States?
“Potentially lower prices at the grocery store, when you go to the clothing store there’ll be an impact there – and job creation – as Canadians become more global”, said David Watt, chief economist with HSBC Bank of Canada in Toronto.
Now the pact is unlikely to come before Congress for an up-or-down vote until well into the Presidential primaries, exposing it to the full rhetoric of the campaign season. The details of the TPP are still secret, but an outline of the deal has been supported and attacked by American politicians on both sides of the aisle. “We will also hold full consultations with interested parties and the public”, Mustapa highlighted in the recently concluded negotiations held in the USA city of Atlanta.
Dairy leaders are disappointed that the TPP didn’t achieve more for their industry.
Republican candidate Donald Trump blasted it in a tweet on Monday: “The incompetence of our current administration is beyond comprehension”.