Trade ministers from a dozen Pacific nations in Trans-Pacific Partnership Ministers meeting post in TPP Ministers “Family Photo” in Atlanta, Georgia October 1, 2015.
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But Ford, in a statement released later, chastised the administration for not making enforcement of currency manipulation a central part of the agreement, even as the U.S. Treasury noted that member countries made a side agreement to report financial data, in a few cases for the first time, and to “avoid currency practices and refrain from competitive devaluation”.
South Korea plans to thoroughly check the details of the Trans-Pacific Partnership agreement and determine what impact it will have on Asia’s fourth-largest economy, the government said Friday.
The 6000-page legal text of the agreement was released late last night, and critics say it won’t mean much to most people because of its complexity.
The TPP is one of the world’s most extensive trade agreements, bringing together 12 Pacific rim countries, including the United States and Japan.
“Our sheep industry has been absolutely decimated by huge volumes of cheaper Australian imports and because the TPP adds New Zealand, which also is a major lamb exporter, the TPP is sure to further decimate our commercial sheep industry”.
It remains uncertain, however, whether USA lawmakers will immediately work on relevant legislation after Obama signs the initiative, which would cover a few 40 percent of the global economy.
Obama must notify Congress 90 days before signing the deal and make the text public for at least 60 days before signing.
After more than five long years of negotiations between nations of differing power there are winners and losers, and it can be definitely said that no TTP country got everything that they wanted.
Both Republicans and Democrats, including presidential candidate Hillary Clinton, have opposed the TPP in the past, saying the 30 chapters plus add-on agreements, thousands of pages deal does not sufficiently protect American businesses or workers.
It includes participation from the US, along with Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. “That’s why NCGA members will be going to Capitol Hill and asking Congress to vote in favor of the TPP agreement”.
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The deal can take effect after ratification by each country.
