It brings together the United States, Japan, Australia, Canada, Mexico and seven other countries on the borders of the Pacific, but not China, the world’s second-largest economy and one seen as less committed to lowering barriers on cross-border movement of goods and capital.
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Obama argued the controversial free trade agreement with Japan and ten other Pacific Rim nations will allow America to write the rules rather than countries like China.
The New Zealand government claims the TPP would boost the New Zealand economy by least 2.7 billion NZ dollars (1.78 billion USA dollars) a year by 2030.
President Barack Obama meets with agriculture and business leaders at the Department of Agriculture October 6, 2015, in Washington, D.C., shortly after preliminary release of the TPP.
That’s no guarantee the pact won’t raise hackles with US lawmakers who have questioned whether it will help USA exports and create jobs or just expose more American workers to low-wage competition, giving multinational corporations excessive power.
“As always with these wide-ranging and comprehensive agreements, twelve countries have to ratify the agreement”, Robb said on Friday.
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”.
Mohamed Shafie said it was still not too late for the government to ensure the rights of workers were protected and improved following the agreement which was still in the legal process to obtain the approval of every TPPA participating country.
Prior to its release, groups were optimistic about its contents, but the full release has several organizations releasing final opinions as the details become clearer.
TPP is a 12-country deal that would slash tariffs with the goal of promoting economic growth in the Asia-Pacific region.
Details of the TPP have been kept under wraps during the more than five years of negotiations, angering those concerned over its broad implications. The deal was criticized by people like Massachusetts Democrat, Sen.
The Federal Opposition has vowed to examine the document “very carefully”, Labor’s Trade spokeswoman Penny Wong has said the deal had “significant potential benefits”.
“And it is good – it is a great agreement”, said Russel, the assistant secretary of state for East Asia.
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New markets would open for Vietnamese clothing firms and Malaysian electronics companies.
