“We hope that regardless of whether it is the TPP or the RCEP, they both can supplement, promote and be beneficial to strengthening the multilateral trade system”, Chinese Ministry of Foreign Affairs spokeswoman Hua Chunying (華春瑩) said. Baker & McKenzie Partner Kevin O’Brien, who brings more than 30 years of experience advising on intellectual property matters and worldwide trade law, provides insight on the implications of the accord.
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Whatever the TPP’s contents, Harvey said it will have the same qualities as all worldwide trade agreements – a few gains for the United States and a few concessions.
Spanning about two-fifths of the global economy, the TPP aims to set the rules for 21st century trade and marks one of Obama’s key diplomatic and economic achievements.
It has America, Canada, Australia, New Zealand and Japan from the bigger economies, and Chile, Peru, Mexico, Vietnam, Singapore, Brunei and Malaysia from the smaller ones. Thus, to truly sell the TPP, or any multilateral economic project for that matter, a far more inclusive, equitable, and ethical approach is needed. The 12 countries comprise 40 percent of world trade.
Be assured, this agreement is incredibly significant for the Bay – our jobs, families and exports will benefit and our confidence will grow.
The TPP is not the end goal but should be seen as a step forward to economic integration, lifting incomes and creating jobs. It’s particularly crucial to Obama’s essential effort to strengthen US ties to Japan and other East Asian nations, thus counterbalancing China.
“Big Pharma” would benefit since the “finalised chapter would require all countries eventually to conform to every pharmaceutical patent rule in the TPP, regardless of any individual country’s wealth (or lack thereof) or level of development”, said Public Citizen, a government transparency group which analysed the leaked documents. Lawyers, translators and other staffers have to come up with the final, detailed language that ensures the deal is clear in each country.
“We are opposed to what we see at the moment but we’re taking a reasonable and measured approach, there’s a lot of complexity to it”, Mr Little said.
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For avoiding the possible adverse implications on its exports to TPP member-markets because of lower tariffs on intra-TPP exports compared with those on Indian products, India needs to quickly conclude the bilateral free trade agreements it is negotiating with TPP members like Australia and Canada, he said.
