China says it has ‘open attitude’ toward TPP

Proponents of the deal say it will boost economic development among numerous countries involved, although Medecins sans Frontieres (MSF) claims it will “raise the price of medicines for millions by unnecessarily extending monopolies and further delaying price-lowering generic competition”.

Washington, Ruan said, is trying to weaken the power of the World Trade Organization by promoting TPP and the TTIP, or the Transatlantic Trade and Investment Partnership, South Korean news agency Yonhap reported.

The TPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam.

The U.S.-led Trans-Pacific Partnership reached a landmark conclusion in Atlanta on Monday after more than seven years of negotiations.

Christine Lagarde of the worldwide Monetary Fund said TPP could now “pave the way to a new generation of deep trade integration efforts” after global trade slumped in the wake of the credit crisis seven years ago.

“The President has chosen the opposite tack, which is to go and engage throughout the Asia Pacific and to raise standards and write the rules of the road of the economy that levels the playing field for American businesses and American workers”.

“We have met that standard in this agreement”.

In a statement, Coalition for a Prosperous America said there is nothing novel about this TPP agreement.

US President Barack Obama said Tuesday that he was confident he could make a case for the ambitious TPP Pacific free-trade deal as he began pressing for its ratification by Congress.

It will see the eventual removal of 18,000 tariffs now placed on US-manufactured goods by participating countries, including Japan, which is the third-largest export market for usa wines.

“This agreement in my view is truly transformational”, said Canada Trade Minister Ed Fast.

One of the big numbers thrown around at the signing of the TPP was that it would cover “about 40% of the world economy”.

The agreement on the TPP will be likely available to public next month and is expected to spark a heated debate in Congress, the site reports. Tax reform is often put forward in Congress as a remedy for the problem, but the real, long-term solution lies in stronger wages, particularly in manufacturing, a sector that has been hard-hit by the job-exporting practices of a few US companies, encouraged by “free” trade pacts.