Other countries that signed the pact were Brunei, Canada, Australia, Japan, Malaysia, New Zealand, Peru, Singapore, Mexico, Vietnam, Chile, and The United States.
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“Now that the text is finalized and changes are all-but-impossible, it’s clear that – while a handful of well-connected corporations got a more-than-fair deal for themselves – for everyone else, the TPP would be a disaster for the economy, the environment and public health”, Stamoulis said in an e-mail to fair trade advocates.
Andrew Robb, Australian Prime Minister, was the first to sign the deal.
And that might not be easy in every case, most notably in the USA where many Republicans, including most of the party’s presidential hopefuls, are opposed to the deal, fearing it could result in American jobs being lost to cheap labour in developing nations. “TPP allows America – and not countries like China – to write the rules of the road in the 21st century, which is especially important in a region as dynamic as the Asia-Pacific”, he said in a statement from Washington.
The Senator’s antagonistic position on the TPP is nearly certainly related to the fact that he is up for reelection this year. Streets around Auckland’s central business district, where the deal was signed, saw protestors blocking roads, while others clashed with police. It was agreed in October last year after years of negotiations and multiple missed deadlines. Many of the TPP’s signatories already have free trade agreements with the US.
“TPP delivers transparent and consistent rules for our investments and freer trade for our products, both of which are increasingly more important as Deere’s global footprint has grown”, Mr. Allen said.
Police clashed with some protestors, who have widely claimed the deal will benefit big business rather than workers.
Parliaments and legislatures of all 12 countries must ratify the deal. With the signing, countries have two years to act on the agreement.
The TPP led by the US accounts for about 40 percent of the world economy.
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Yesterday, Senator Rob Portman (R-OH), a former U.S. Trade Representative during the George W. Bush administration, announced his opposition to the Trans-Pacific Partnership.
