White House Releases Text Of Trans-Pacific Partnership

The TPP breaks down trade barriers between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. “And if we don’t pass this agreement – if America doesn’t write those rules – then countries like China will”, Obama said.

The agreement also provides for accumulation so that, in general, inputs from one TPP party are treated the same as materials from any other if used to produce a product in any TPP party.

Thursday, NPPC President Ron Prestage returned positive comments, noting that free trade agreements like the TPP work “not just for pork producers and US agriculture but for the entire USA economy”.

The release of the bulky text of the 12-nation Trans Pacific Partnership (TPP) trade agreement – it has 30 chapters and numerous annexure and related instruments – has triggered a fresh round of domestic debate in the USA on how it would impact the country.

On Thursday, US President Barack Obama officially notified Congress of his intention to sign the deal, however he must collect support in Washington to ensure it is going to be officially approved. The earliest it could come up for a vote is next March, which would be in the midst of the 2016 presidential campaign season.

Representatives for labor organizations said the new trade agreement had too many vague, poorly worded or unenforceable provisions. Hillary Clinton, the front-runner for the Democratic Presidential nomination had also favored the deal when she was Secretary of State but is now opposed to it.

Beijing has been pushing its own trade pact, the Regional Comprehensive Economic Partnership (RCEP), a proposed 16-nation free-trade area that would be the world’s biggest such bloc, encompassing 3.4 billion people.

The TPP would be a boon for factory and export economies like Malaysia and Vietnam.

In a statement today, AMCHAM said, the sectors included electrical and electronics (E&E), rubber, palm oil, timber and auto components.

The expert added that for now, Korea should take time to closely assess the regulations of the trade pact before deciding when to join, and that joining with other countries with similar interests could be a strategy for negotiating terms.

The Federal Opposition has vowed to examine the document “very carefully”, Labor’s Trade spokeswoman Penny Wong has said the deal had “significant potential benefits”.