The TPP is a deal between the United States of America and East Asian countries, similar to other “new generation” trade deals including TTIP (the EU-US Transatlantic Trade and Investment Partnership) and CETA (the Canada-EU Comprehensive Economic and Trade Agreement).
Advertisement
Protesters almost shut down the city of Auckland, New Zealand yesterday, but the ceremonial signing of the Trans Pacific Partnership (TPP) went on as scheduled.
It eventually expanded to include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the USA and Vietnam.
After the formal signing countries have two years to ratify the agreement and pass domestic legislation to enable it. In New Zealand today, where the deal was signed, more than 1,000 protesters caused traffic disruptions in and around Auckland. The opposition stems from the belief that the agreement will lead to job cuts, impact sovereignty in the Asia-Pacific states, and benefit big corporates rather than workers.
“A robust USA trade agenda expands jobs and opportunities for American workers, farmers and businesses”, said Samuel R. Allen, Deere & Company chairman and chief executive officer.
Andrew Robb, Australian Prime Minister, was the first to sign the deal.
However, US Trade Representative Michael Froman said that the TPP was not directed against any particular country.
Thursday’s signing ceremony was held as the ministers held the second day of their meeting in Auckland.
Kimberly Elliott, with the Center for Global development, said, “I think from the perspective of the overall United States economy, the TPP will probably not even be discernable in terms of its economic effects”.
Obama also argued the deal would mean stronger labor standards, a more free Internet, and commitments to protecting the environment. Critics of the TPP say it will be disastrous for the countries involved.
Bernama reported that Malaysia’s International Trade and Industry Minister Datuk Seri Mustapa Mohamed signed the TPP agreement on behalf of the country.
“In addition to hosting signature, New Zealand will be the Depositary for TPP”.
Advertisement
Amid speculation that members of the US Congress will not want to risk alienating voters by approving it ahead of the November presidential election, Obama on Tuesday discussed ratification with Republican leaders who said they still had problems with the complex deal.
