When will we see nitty-gritty of TPP? ‘Soon,’ Obama says

Not only India but these concerns have been highlighted by worldwide Centre for Trade and Development, which in a recent study said that countries outside the bloc could face difficulties if new trade norms and market access concessions affect their trade with TPP countries.

Australian horticulture has enjoyed a few strong wins in recent bilateral free trade agreements (FTAs) to the extent that there is little more upside now that can come from the Trans Pacific Partnership (TPP).

USTR adds that Trans-Pacific Partnership (TPP) negotiators will have gathered on September 26 to 29, while 12 ministers from 12 nations will have resumed the negotiations on TPP from September 30 to October. 1 in Atlanta, as reported by Xinhua Net September 25.

Vietnam’s textile sector is now selling 70 percent of its products to the other TPP countries and the share is hoped to be doubled after the trade pact is in place. Should the TPP be ratified, the most significant effect will be in setting the rules and guidelines under which economic integration deepens around much of the Pacific Rim.

Experts say Japanese vehicle and auto parts makers and Malaysia’s electronics and semiconductor industry will also benefit from the trade deal, which was agreed on Monday after more than five years of negotiations.

In a press call Tuesday afternoon, Vilsack said like any agreement there were compromises, but “there’s no question that agriculture … is going to be a victor with TPP”.

“We saw our exports to that country fall by close to 75 per cent within just two years following the implementation of the U.S. free trade agreement with South Korea”.

Other countries signing up to the deal include Australia, Brunei, Canada, Chile, Mexico, New Zealand, Peru and Singapore.

The entire focus of the agreement was founded on the US relationship with rapidly-growing Asian-Pacific economies, to prevent China from dominating Pacific trade and to provide a forum for negotiating currency manipulation issues.

“By 2030 the overall benefit is estimated to be at least $2.7 billion – and I suspect it will be better than that given our track record of exceeding the predictions of the China FTA”.

Obama stressed that Congress, the public and other stakeholders would all get to see the entire agreement before it goes to a vote in the Congress, expected to take at least three months.

“Gains that may have been made in the agreement to ensure fairness and equity in trade for America’s family farmers and ranchers are likely to be lost due to currency manipulation”.