Taiwan welcomes conclusion of TPP deal, reiterates desire to join

As for five farm product categories that Japan has regarded as a “sanctuary”, Abe said Japan has had many items exempted from the TPP free trade principle of tariff removal.

“It’s the opening of a new century for the Asia-Pacific region”, he said, adding that the deal would “fundamentally strengthen rule of law in economic activities by establishing a free, fair and open worldwide economic system”.

“It will be an enormous achievement for us to be able to make sure that 40% of the world’s economy is operating under rules that don’t hurt us”, Obama said.

“There’s no denying that this does put pressure on China to raise environmental standards, to raise labour standards, and to incorporate the kind of intellectual property protections that are included in the Trans-Pacific Partnership agreement”, White House press secretary Josh Earnest said.

The TPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the USA and Vietnam.

The TPP had been a hard deal to conclude with all the competing interests.

Liu Chenyang, a researcher at the APEC Study Center of the Tianjin-based Nankai University, said: “China’s huge market demand and large population will be key in attracting countries to sign bilateral or multilateral FTAs”.

Sanders also said he will “do all that [he] can to defeat this agreement”, signaling an upcoming fight in Congress that will likely be amplified by the politics of the presidential race.

Opposition parties and veteran free trade opponent Professor Jane Kelsey are focused on changes to foreign investment regimes, the cost of patented medicines, dispute resolution processes, land ownership and the government’s failure to negotiate the removal of all dairy industry trade barriers.

United States legislators cautiously welcomed the deal. New Zealand’s demand for greater access for its dairy exports was only settled at 5 a.m. EDT on Monday. After that, it will head to Congress for debate and a vote.

According to a summary of the agreement, the TPP will eliminate tariffs on textiles and apparel, with most tariffs eliminated immediately, but those on a few sensitive products phased out over longer timeframes. Finally, there was agreement to ensure that state-owned enterprises and monopolies – particularly prominent in TPP emerging market countries – do not discriminate against businesses, goods and services…