RBA welcomes release of TPP text

“TPP member nations already account for over 60% of total beef exports, and lower tariffs will allow us to continue to grow our market share in that region”, he said.

“No big surprises.” That’s what Korea’s trade ministry said about the level of market liberalization of the recently agreed U.S.-led trade pact, adding that the TPP is similar to the free trade agreement between Seoul and Washington.

U.S. Trade Representative Michael Froman warned that trying to reopen the complex deal could unravel the whole package.

The trade ministry said joining the TPP would have a positive impact on South Korean companies’ exports and investments and that it has launched a task force to closely analyze the mega-FTA. For instance, the United States can use safeguards for 10 years after their import tariffs are abolished, but other TPP member countries can only use them until the tariffs are abolished.

The countries have pledged to “avoid unfair currency practices and refrain from competitive devaluation”, according to a fact sheet provided by the U.S. Treasury Department on a joint declaration that accompanies the deal.

Dingell said the deal threatens American jobs. But the TPP would include strong labor standards, including a minimum wage, worker safety regulations and prohibition of child labor and forced labor, while also committing to strong environmental regulation.

China has always been accused of manipulation, although not as much in recent years, as the value of the yuan has risen. “And it is good – it is a great agreement”, said Russel, the assistant secretary of state for East Asia.

Judit Rius Sanjuan of Doctors Without Borders said the drug patent provisions “will keep affordable medicines out of reach of millions of people around the world”.

Obama also formally notified Congress later in the day that he intends to sign the 12-nation free trade agreement, kicking off a 90-day waiting period, after which he can sign it and seek ratification from Congress.

Under the TPP agreement, most tariffs were to be eliminated or slashed on everything from beef, dairy products, wine, sugar, rice, horticulture and seafood to manufactured products, resources and energy.

The debate is expected to be especially contentious in the United States.

Critics run the gamut from China to Democratic presidential candidate Hillary Clinton to Internet freedom activists concerned that the agreement contains far too many intellectual property concessions to special interest groups like the recording industry and pharmaceutical companies. The criticism of the deal has come from Democrats and Republicans yet facing fierce resistance from congressional Democrats.