Trans-Pacific trade deal cautiously welcomed by China

They are Japan, the United States, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

“The TPP agreement would not be possible without the extraordinary efforts of the negotiating team at the Office of the U.S. Trade Representative, assisted by the dedicated staff of USDA’s Foreign Agricultural Service and the Office of the Chief Economist“. Without a high standard TPP, the USA will face a Pacific region that could have no trading rules or possibly China’s rules.

Outside of President Barack Obama’s Cabinet, however, opinions vary as to who will be the winners – and losers – if the TPP is adopted. The TPP, for instance, will likely affect India’s exports to the 12 Pacific countries.

Meanwhile, Jessa Boehner from the Public Citizen’s Global Trade Watch told Sputnik that “the TPP has the potential to do large amounts of harm”.

“This partnership levels the playing field for our farmers, ranchers, and manufacturers by eliminating more than 18,000 taxes that various countries put on our products”, Obama said in a statement.

Japanese Prime Minister Shinzo Abe hailed a deal to create the world’s largest free trade area Tuesday as the start of a “new century” for Asia, and expressed hope China might one day join the historic accord.

However, the deal – championed by the Obama administration but facing bipartisan opposition – must also be approved by the U.S. Congress before it can be adopted.

China said it was “open to any mechanism” that follows World Trade Organization rules.

Twelve Pacific Rim nations came to an agreement on the Trans-Pacific Partnership on Monday, a treaty that would remove a few tariffs and local regulations over imports and has been criticized in the US from multiple angles.

United States of America drugmakers wanted 12 years of protection from competitors for biologics – ultraexpensive medicines produced in living cells. It has a long timeframe for implementation, and many hedges and exceptions for various countries that will moderate a few of the gains. Trade deals shouldn’t encourage a race to the bottom when it comes to environmental and labor protections; instead, they should push for standards that protect the long-term interests of their people.

“We are disappointed that our negotiators rushed to conclude the TPP in Atlanta, given all the concerns that have been raised by American stakeholders and members of Congress”, said AFL-CIO president Richard Trumka.

By law, Congress will have months to deliberate, perhaps until next April. The final pact, however, doesn’t include provisions on currency.

In Asia as in the US, Nakano said, the TPP will advance economic growth but will also add to the growing wage gap, and spark strong public resentment and protests against globalization and capitalism.