Hua said given the difference in economic development of Asia-Pacific countries, China believes those concerned should jointly push the building of the Asia-Pacific Free Trade Area, and various trade mechanisms should complement each other.
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Obama has pursued the pact against the objections of many lawmakers in his own Democratic Party and instead forged rare consensus with Republicans.
The global trade pattern would eventually depend on the shifting structures of global industries and the competitive edge of each nation’s products, the minister said. Therefore, the report said, China is seeking to establish a bilateral investment treaty (BIT) with the USA to offset its potential losses in the American market. Less than three years ago, before her recent decision to oppose the deal, the Secretary of State referred to the deal as the “gold standard in trade agreements”.
Now comes the agreement in principle for the Trans Pacific Partnership, an agreement with not two other nations but 11 others, that promises Canada access to markets with a few 800 million customers, and what are we hearing from the familiar crowd?
As a result, a vote on the TPP likely will not happen until well into 2016, where it is likely to get ensnarled in the politics of a presidential election year.
Before entering into force, the details of the deal will face public scrutiny, and an up-or-down vote in Congress. It can’t amend the agreement.
Fonterra has said it was disappointed by the “limited gains” for dairying, with the Government admitting it was “too difficult” to remove tariffs in the newly agreed trade deal. The 2.5 per cent allowance for dairy imports is very moderate and Ottawa will be spending $4.3-billion over 15 years to compensate dairy, chicken and egg farmers.
– Sets standards for the cross-border issues of e-commerce and financial services, including preventing governments from forcing companies to place their data storage servers in the country or demanding access to a company’s software source code.
US drug makers wanted 12 years of protection from competitors for biologics – ultra-expensive medicines produced in living cells.
“Canada and the United States want to protect their industry and are under domestic pressure to do so”.
We would hope they and the rest of Congress will stand behind this measure as a major victory for the economic futures of this state and this country.
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But Sen. Bernie Sanders of Vermont, who is running for president as a Democrat, wrote in a blog post Monday that the TPP is “a disastrous trade deal” whose losers include “consumers” and “American jobs”. President Obama lauded the agreement as good for American businesses as well as the environment but now must convince Congress to sign off on it.
