Trans-Pacific Partnership Trade Agreement Text Released

Seoul says South Korea’s absence from the Trans-Pacific Partnership (TPP) will not deal a significant blow to exports. Those protections largely focus on creating a codified civil and criminal response to digital copyright infringement of intellectual property, including songs and performances. The Textiles and Apparel chapter includes a “short supply list”, which includes almost 200 items and provides TPP partners with flexibilities in cases where the USA and other TPP members do not produce enough of a particular fabric or yarn to meet production needs.

“We’re glad to have the text of the agreement available, and we expect that to ease concerns people might have about the TPP”, CFBF President Paul Wenger said.

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. Hillary Rodham Clinton, who is running for the Democratic presidential nomination, has said she’s against it. Her opposition may make it harder for Obama to round up votes. This is the final word that puts everything into a clearer light although many had a general idea of what the Trans-Pacific Partnership would be like.

No amendments are allowed, and only a simple majority is required to ratify the deal in each chamber.

Obama said the deal “will generate export opportunities for USA manufacturers, service suppliers, farmers, ranchers and businesses”, and U.S. Trade Representative Michael Froman cautioned that “failure to pass TPP would come at a high price here at home: jobs lost, wages cut and opportunity squandered”, according to the Hill.

The deal can take effect after ratification by each country.

The New Zealand government claims the TPP would boost the New Zealand economy by least 2.7 billion NZ dollars (1.78 billion US dollars) a year by 2030.

The TPP nations are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the United States and Vietnam. Text of the agreement was released November 5. Earlier this year, Congress managed to delay Obama’s trade negating powers, delaying a few of the behind the scenes wheeling and dealings. Critics also complain that the agreement goes beyond traditional issues such as tariffs and import quotas and includes giveaways to powerful business lobbies.