Russian Prime Minister Dmitry Medvedev, who is representing his country at APEC after Putin begged off at the last minute, said yesterday that world trade rules should be drafted within the framework of the World Trade Organization, not regional groupings.
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But Ottawa got a serious nudge Wednesday from U.S. President Barack Obama, who cheered the trade deal, known as the Trans-Pacific Partnership, as one of the most progressive ever but conceded its politics could be “difficult”. Presented in collaboration with Covington & Burling, the National Foreign Trade Council (NFTC) and the United States Council for global Business (USCIB), the event will offer an in-depth discussion of the recently-released chapter text underpinning the Agreement.
Obama said the United States welcomes the Philippines’ interest in TPP, which is a pillar of America’s rebalance in the region. “It’s great when we can create leaders’ dialogues and talk about better collaboration and sign trade deals and partnerships”.
They reaffirmed a goal to double renewable energy in the regional energy mix by 2030 and urged those nations which have yet to achieve promised cuts to tariffs on renewable energy goods to do so. Their report would normally accompany a free trade agreement implementing bill when it is sent to the U.S. Congress. “But let me say we appreciate the importance of compensation to affected sectors by TPP”.
Thailand also supports the Boracay Action Agenda, which promotes micro, small and medium enterprises (MSMEs) to more significantly participate in global trade and global value chains, Prayut said.
Tiemann said the agreement would allow for expanded coarse grain trade where demand for meat, dairy and eggs is rising. In addition to the TPP, they will have a packed agenda that includes the war on Islamic militants, the refugee crisis and the fight against climate change.
Out of the 12 countries involved Peru, Mexico and Chile come 12th, 11th and 9th respectively in the World Bank’s Logistics Performance Index, which measures the challenges and advantages affecting different countries’ ability to benefit from worldwide trade.
The TPP is facing stiff opposition from many Democrats and unexpected resistance from Republicans.
Other participants cited the loss of millions of U.S.jobs and the threat posed to democracy.
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The TPP will ensure high standards on issues including enforceable labor and environmental provisions, a free and open Internet, protection of intellectual property rights, and transparency.
