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Trans-Pacific trade deal cautiously welcomed by China
Member for Flynn Mr O’Dowd and Member for Hinkler Mr Pitt congratulated Minister for Trade and Investment Andrew Robb for ensuring Australia gets a fair say in negotiations. News 1 in Seoul reported U.S. Deputy Secretary of State Antony Blinken told his South Korea counterpart Washington would welcome future discussions with Seoul regarding the TPP.
Russell Boening, the president of the Waco-based Texas Farm Bureau, called the agreement “potentially a huge step forward for our country and trade partners”.
Last night, finalisation of the 12-country Trans-Pacific Partnership (TPP) Agreement between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam was announced following more than five years of negotiations.
That debate will unfurl against the backdrop of a presidential campaign in which populist anti-trade talk against the deal is already prominent.
Deputy director of the Australian China Relations Institute, James Laurenceson said gains from the new deal are modest at best.
If the TPP is ratified by Congress, and by other countries, it would be the largest free trade agreement entered into by the USA “Failing to grasp this opportunity would be a mistake”, stated Tom Vilsack, U.S.ag secretary.
Without a high standard TPP, the US will face a Pacific region that could have no trading rules or possibly China’s rules.
Key supporters of the fast-track TPA included U.S. Rep. Paul Ryan, R-Janesville, who chairs the House Ways and Means Committee.
At the same time, trade unions and environmental, consumer and heath care organizations across the USA are also organizing protests against the measure.
According to the Office of the United States Trade Representative, the TPP would eliminate more than 18,000 tariffs on products made in America – including agricultural, automotive and manufactured products – enabling an expansion of the export of American goods.
Horticulture Export Authority CEO Simon Hegarty said Japan’s inclusion in the TPP was particularly welcome.
They have a combined population of more than 800 million and the 11 other countries account for over 40 per cent of New Zealand’s overall exports.
By law, Congress will have months to deliberate, perhaps until next April.
The U.S. Treasury Department said Monday that the countries will continue to separately work together “strengthen macroeconomic cooperation, including on exchange rate issues”.