New Zealand on November 5, 2015, released the text of the Trans-Pacific Partnership (TPP) in its capacity as Depositary of the Agreement.
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“For the first time in a trade agreement, there are provisions that prohibit restrictions on cross border data flows and local data storage, permit companies and individuals to use their choice of cyber security and encryption tools, and ensure the protection and enforcement of trade secrets”.
The Asia-Pacific region represents 40 percent of the world’s economy and is one of the fastest-growing areas of the world.
The deal was reached after five years of tense discussions, but continues to face fierce resistance.
U.S. President Barack Obama, who has been TPP since his first term, will have his work cut out to convince enough moderate legislators to see the trade pact ratified.
The Trans-Pacific Partnership Agreement (TPPA) will enable American businesses to compete more effectively in Asean as it would create a level playing field with competitors from Europe and Asia, the US-Asean Business Council said.
There is also hope it will lead to a better outcome on new trade rules out of World Trade Organisation talks being held in Nairobi in December.
Last month, U.S. presidential hopeful Hillary Clinton came out against the TPP, saying she was not in favour of what she had learned about it. She joined rivals for the Democratic presidential nomination, Martin O’Malley and Bernie Sanders in her stance against the deal.
The earliest date for a final TPP vote in U.S. Congress would be in March 2016 when US presidential election heats up, according to trade experts.
A few pro-trade Republican lawmakers are also wary of the deal, heralding a tough fight to get the deal through Congress. Republican White House contender Donald Trump has labeled it a “disaster”.
Greens leader Richard Di Natale said the fact the agreement is silent on climate change is a serious flaw.
“This trade deal would make it easier for corporations to shut down more factories in the US and ship more jobs to Vietnam and Malaysia where workers are paid pennies an hour”.
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“The interesting countries to me are Malaysia and Vietnam, where we haven’t had access, and the median age in those countries is, like, 28 and 29 years old”, Gilmartin said at a conference sponsored by the Washington Council on global Trade.
