Pacific rim nations sign TPP free-trade agreement

On February 4, Peru’s Foreign Trade and Tourism Minister Magali Silva will sign the Trans-Pacific Partnership (TPP) agreement in New Zealand’s city of Auckland.

The party’s position that it supports free trade but the TPP is more than just a trade deal is correct.

“We will encourage all countries to complete their domestic ratification processes as quickly as possible”, New Zealand Prime Minister John Key said. The TPP was agreed in October 2015 after years of negotiations and multiple missed deadlines. Following a meeting between U.S. President Barack Obama, Speaker of the House Paul Ryan, and Senate Majority leader Mitch McConnel, the lawmakers there are concerns about the TPP that must be address before final approval. The present administration of the U.S. is in favour of signing the agreement and is of the view that the United States economy might face a challenge if the deal is not signed in due time.

Chrystia Freeland was in New Zealand on Wednesday where she signed the massive 12-country Pacific Rim treaty, a deal opponents warn could eliminate Canadian jobs and damage some sectors of the economy.

However, Robb, who signed the agreement with counterparts from the 11 other nations on Thursday, said that calls for the cost-benefit analysis were the latest attempts by the “usual suspects” to derail the agreement.

“Momentum for passage is growing”, US Trade Representative Michael Froman told reporters, pointing to support from US business and agriculture groups for the Trans-Pacific Partnership (TPP).

Hundreds of protestors across Auckland on Thursday formed the most recent in a string of protests against the TPP going back years.

“The way forward is to continue having very strong economic links with China and next of course to always welcome the accession of new members”.

In a statement that followed the signing, USA ambassador Bruce Heyman predicted the deal would help small businesses grow, create jobs and pay higher wages.

“There are some people suggesting the concessions that have been made in terms of access into the USA market will offset that”, said Julian Binfield, director of global programs at the University of Missouri.

“China is the main trade partner for Chile and we look forward to deepening that relationship, and we think that we have to make this convergent rather than to see it as divergent”, said Munoz.