TPP Deal to Open New Markets for Key US Economy Sectors

The TPP offers one of the most comprehensive approaches to trade agreements to date, although strong opposition continues to plague it. The agreement, which was struck in the previous month, affects 12 Pacific Rim countries, along with Japan and the United States.

“An initial reading of the TPP reveals that New Zealand will profit significantly from the cutting of extremely high tariffs now imposed on many of our exports”.

It has subsequently been released by other countries, including the United States, which has a logo that would probably cause the other party countries to raise an eyebrow (the TPP is “made in America” boasts the logo).

However, critics say it will threaten New Zealand’s sovereignty and impinge on the country’s ability to buy pharmaceuticals cheaply and legislate on a wide range of public interest issues, such as the environment, health and safety, and industrial relations.

Twelve powerful countries just agreed on how they’re going to trade goods and services, in a controversial new agreement called the Trans-Pacific Partnership, or the TPP.

Also on Thursday, Obama officially notified Congress of his intent to sign the agreement in 90 days, a period specified by law to give the House and Senate time to begin deliberating over its terms.

Asked if he supports it, Ryan said, “I don’t know the answer to what my position is on a trade agreement I have not even yet read”. The TPP signatory countries constitute 40 percent of the world economy.

“Outrageously, the proposed agreement includes violators of global human rights, like Brunei, where gays and single mothers can be stoned to death and Malaysia where tens of thousands of immigrant workers in the electronics industry are working as modern day slaves.” the presidential candidate wrote. “But I remain hopeful that our negotiators reached an agreement that the House can support because a successful TPP would mean more good jobs for American workers and greater USA influence in the world”, he said. “That’s what makes this trade agreement so different, and so important”.

Greens leader Richard Di Natale said the fact the agreement is silent on climate change is a serious flaw.

It has to be ratified by all 12 nations, in Australia’s case by parliament and for the U.S.it must be passed by Congress despite the divisive presidential election being in full swing.