Initial ambitions for the deal, covering an enormous range of products and services from kiwifruit to semiconductors, were clipped back in many areas to find agreement.
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But the agreement between heads of states does not mean that the TPP is a done deal.
A day after 12 countries reached agreement on the Trans-Pacific Partnership following grueling Atlanta negotiations, Obama told agriculture and business leaders that the deal is good for them.
The text of the agreement is not yet available, whilst negotiators complete the finishing touches such as translations and legal consultations.
Not only India but these concerns have been highlighted by global Centre for Trade and Development, which in a recent study said that countries outside the bloc could face difficulties if new trade norms and market access concessions affect their trade with TPP countries.
“We don’t have a free trade agreement with the USA and that’s where we can take a hit”.
An ambitious Pacific Rim trade deal anchored by the USA promises to boost the economies of its 12 participating countries by opening their markets to one another, but not all the gains will be spread evenly. Provisions setting common minimum standards on labour markets and environmental protections as well as global dispute resolution regimes also set important foundations for future economic integration in the region.
“We will continue to work hard to capitalise on those opportunities from the FTAs that the Coalition Government has signed with China, Japan, Korea, and now with other Asia-Pacific nations, and to strengthen Australia’s productive capacity and competitiveness to supply Asian and other worldwide markets”, he added.
The TPP talks involve Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
The agreement liberalises trade and investment between the twelve countries, which make up almost 40 per cent of the world economy. “We are optimistic that soybeans, soybean products and the livestock products produced by our customers all will fare well in the TPP agreement when specific details are revealed”. “Increased exports will support more good paying export-related jobs, further strengthening the rural economy”, Agriculture Secretary Tom Vilsack said.
Congress will have several months to examine the deal which lawmakers can’t amend or filibuster before taking votes sometime early next year.
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The Asia-Pacific region is a logical focus for American trade.
