Despite Final Agreement, TPP Facing an Uncertain Future
The Trans-Pacific Partnership got a cool reception Monday on Capitol Hill, even from some who helped push for it.
By Gabrielle Levy Oct. 5, 2015 | 3:47 p.m. EDT + More
Monday's announcement that trade representatives from the U.S. and 11 other Pacific Rim nations had completed negotiations on the Trans-Pacific Partnership was met with cheers from the business community and a muted reception on Capitol Hill.
The sprawling free trade agreement, completed after five years of talks, involves countries that together account for 40 percent of the world's gross domestic product. The pact now must be individually approved by each of the 12 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam.
On its face, the agreement aims to ease trade barriers among the countries for exports like automobiles and agricultural products. It also contains provisions regarding the environment, intellectual property and the Internet, and is a key cog in the Obama administration's "pivot" to Asia – a strategy in which the U.S. has stressed increasing its attention and presence in the Western Pacific to counterbalance China's growing influence there.
"In addition to liberalizing trade and investment between us, this agreement addresses the challenges our stakeholders face in the 21st century, while taking into account the diversity of our levels of development," the trade ministers of the participating nations said in a joint statement. "We expect this historic agreement to promote economic growth, support higher-paying jobs; enhance innovation, productivity and competitiveness; raise living standards; reduce poverty in our countries; and to promote transparency, good governance, and strong labor and environmental protections."
The deal has been warmly embraced by groups such as Business Roundtable and Business Forward, who say it will open new markets to U.S. exports and boost foreign investment within the U.S.
more...
http://www.usnews.com/news/articles/2015/10/05/trans-pacific-partnership-faces-uncertain-future-despite-final-agreement
= new reply since forum marked as read
