US, 11 other countries sign free-trade deal in New Zealand

In the long-run, the deal – which excludes China, the world’s second-largest economy – could help cement American influence in the Pacific, and give the USA more power to set the rules of global trade across much of Asia.

The opposition also holds concerns about investor-state dispute settlement provisions, which allow foreign investors to sue the government if their profits are affected by any Australian law or policy.

It’s expected that TPP will come into force within two years of signing, once countries have completed their domestic legislative procedures.

People gathered in front of the Governor-General’s residence in New Zealand’s capital on Saturday to hand over their petition against the Trans-Pacific Partnership (TPP) agreement.

While New Zealand Prime Minister John Key and US Trade Representative Mike Froman lauded the pact at the ceremonial signing in Auckland, thousands of protestors blocked roads outside.

Malaysia became the first nation involved in the deal to ratify it last week.

“By opening markets and addressing long-standing and newer trade challenges for United States businesses, farmers and workers, TPP will support much-needed USA economic growth and the millions of American jobs tied to trade”, said Tom Linebarger, chairman and CEO of Cummins Inc.

Australian Trade Minister Andrew Robb said the agreement would be tabled next week in parliament. The deal was negotiated by 12 Pacific countries, including the US, representing around 40 percent of the global economy. For example, the TPP actually requires the U.S. Department of Energy to approve all exports to TPP countries of liquefied natural gas, which has a far greater carbon footprint than other natural gas.

The AAFA says the benefits of the TPP will materialise more quickly in the case of travel goods and footwear, which feature more flexible rules of origin and immediate duty-free treatment for a wide range of products. Further, there have been and will be more protests-both in New Zealand and elsewhere.

“We’ve invited concerned Kiwis to join us in a loud, colourful, non-violent, family-friendly march to make it clear that this government does not have a mandate to sign the TPP in our names”, organiser Barry Coates said.

Agreement today in Auckland is a significant step towards reducing the amount of tariff and non-tariff barriers on New Zealand red meat exports, according to the Chairmen of Beef + Lamb New Zealand (B+LNZ) and the Meat Industry Association (MIA).