Pacific Rim nations signed Trans-Pacific Partnership agreement

The United States and 11 other Pacific Rim countries have all signed the TPP.

A small group of protesters joined the Maine Fair Trade Campaign, 350Maine, and Food and Water Watch this morning in Portland to protest the Trans-Pacific Partnership trade agreement – or TPP.

However, protesters argue it will cost jobs and impact on sovereignty in Asia-Pacific states.

However, the TPP continues to face opposition.

Portman is seeking a second term in an industrial state where many workers blame job losses on previous trade deals such as the North American Free Trade Agreement (NAFTA).

In Japan, the resignation of Economics Minister Akira Amari – Japan’s main TPP negotiator – may make it more hard to sell the deal in Japan.

Policy analyst Simon Lester on the TPP signing and its implicationsCCTV America’s Mike Walter spoke to Simon Lester, trade policy analyst at the Cato’s Herbert A. Stiefel Center for Trade Policy Studies.

It will still need to be ratified by each of the member countries and it’s anticipated it will come into effect in two years’ time.

The TPP is expected to open up a market with a population of 800 million and a gross domestic product worth $27.5 trillion for mutual benefit of the countries participating in the pact. “This interest affirms our shared objective, through TPP, of creating a platform that promotes high-standards for broader economic integration in the future”, the ministers said. “We thank Ambassador Froman and the entire USTR team for their continued dedication to advancing the TPP and strengthening USA competitiveness around the world”.

In his statement Portman said, “From currency manipulation, to rules of origin for automobiles, to protection for U.S. biologics – we can do better”.

Canada’s new government signed the deal today, but Trade Minister Chrystia Freeland has said “signing does not equal ratifying”.

“Contrary to big business and government spin, the TPP is bad news for the peoples of all the countries involved – it is an outright attack on democracy, human rights, public services, health and the environment”.

The 12 nations have signed the US-led initiative in New Zealand but it still requires years of tough negotiation before it becomes a reality.