On whether China would be welcome to join the TPP, and whether these countries felt disadvantaged by the fact that their largest trading partner is not part of the agreement, trade ministers said:Vietnam’s Trade Minister said, trade with China is very important for the Vietnamese economy.
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One of the most concerning aspects of the TPP is the Investor State Dispute Settlement (ISDS) mechanism, an extrajudicial legal body that allows private corporations to sue national governments over rules that companies believe inhibit their profit-making ability.
The TPP needs to be ratified by each of the member countries if is to come into effect, as anticipated, in two years’ time.
“We welcome the signing of the Trans-Pacific Partnership agreement, which presents a tremendous opportunity for American workers, farmers and businesses and for the entire USA economy”, said Doug Oberhelman, chairman and CEO of Caterpillar Inc and Chairman of Business Roundtable.
Australia’s 4.4c/kg import duty advantage over New Zealand on beef access to the United States as a result of Australia’s free trade agreement with the U.S. (that cost NZ over US$9.3million dollars last year) will also be eliminated.
While New Zealand Prime Minister John Key and US Trade Representative Mike Froman lauded the pact at the ceremonial signing in Auckland, thousands of protestors blocked roads outside.
Malaysia has been the first to ratify the deal – an unprecedented step in that country for an worldwide treaty but thought necessary because the deal requires several amendments to Malaysian laws.
Chilean Minister of Foreign Affairs Heraldo Munoz said the TPP was perfectly compatible with advancing the Free Trade Area of Asia Pacific, under discussion by the Asia-Pacific Economic Cooperation group of countries, including China.
“This offers enormous prospects for driving growth and jobs in Australia”, Mr Robb said.
The goal of TPP and other trade agreements is to lower the barriers on both sides. CCTV America’s Jessica Stone explains what TPP is, and how it influences the countries involved.
CBC News Janyce McGregor said the new liberal government is far more cautious of the deal.
An anti-TPP protester holds a banner in front of the Government House in Wellington, New Zealand, Jan. 30, 2016.
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“We are delighted that the TPP has been signed, the culmination of several years of intensive effort by trade negotiators”.
