The Trans-Pacific Partnership, a determined idea pushed hard by U.S. president’s administration, would deal with the “21st century trade concerns” like intellectual property protections, digital trade rights and shields for shareholders.
Numerous tariff reductions and other changes will be phased in over several years, so benefits to the US economy could take time to materialize. It was the culmination of seven years of often contentious negotiations over trade barriers on agricultural and dairy products, new cars, the latest technology gadgets, cutting-edge drugs and numerous other products, along with environmental and work regulations.
“As the debate about TPP moves from the negotiating table to Capitol Hill, it is essential that the insurance industry speak loudly about the importance of this deal to our industry’s growth”.
The other countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
“The prosperity of the U.S.is inextricably entwined with that of the rest of the world”, said Kurt Nagle, president and CEO of the Association of American Port Authorities.
Peter Petri, a professor of global finance at Brandeis University, says he doesn’t expect the deal to lead to any US job gains.
“Shortly before, I received a report from (Economics) minister (Akira) Amari that the TPP negotiations reached a broad agreement”, Shinzo Abe told reporters at his official residence, broadcaster NHK reported on its website.
The new trade deal will allow for the tariff-free movement of vehicles that have as little as 45 per cent domestic content.
However, the TPP has met with harsh criticism – from both sides of the political aisle.
“While the dairy outcome is far from flawless, we appreciate the significant effort made by Minister Groser and his negotiators to get a few gains in market access for our farmers”, says Fonterra Co-operative Group Limited Chairman John Wilson. Wikileaks has published draft documents that were otherwise top secret.
Saskatchewan’s Premier is also on board with the TPP.
“A successful Trans-Pacific Partnership would mean greater American influence in the world and more good jobs at home”, he said. “This is a bad deal”.