Canada’s new government signed the deal on Thursday, but Trade Minister Chrystia Freeland has said “signing does not equal ratifying”.
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Trade ministers from 12 countries have inked a controversial United States-led regional trade agreement in New Zealand, paving the path for freer movement of goods and services between the member economies.
The Trans-Pacific Partnership (TPP) is the biggest deal of its kind in history and aims to remove tariffs and other barriers to free trade between the countries.
US President Barack Obama hailed the signing, saying the TPP would give the United States an advantage over other leading economies, namely China.
Obama has consistently defended the deal and did so again in his statement, calling the TPP “a new type of trade deal that puts American workers first”.
For protesters on the streets of Auckland, the TPPA means one thing: UPSOT TPPA – ‘TAKING PEOPLE’S POWER AWAY!’ Not for politicians signing the deal nearby though.
An anti-TPP protester holds a banner in front of the Government House in Wellington, New Zealand, Jan. 30, 2016.
Along with a rebalancing of the U.S. military machine towards the western Pacific, the TPP is recognition of the growing might of China, which has come to dominate the region, threatening American influence.
But the Ministry of Foreign Affairs and Trade says the Treaty is exempt and the deal will not threaten New Zealand’s sovereignty or ability to pass laws.
The 12 nations have a combined population of more than 800 million and account for one third of world trade.
But many analysts believe the pact will go through, and have urged China to seek TPP membership as early as possible.
Chamberlain said lawmakers can talk all they want about “stronger enforcement rules” in the proposed TPP.
“Right now, the rules of global trade too often undermine our values and put our workers and businesses at a disadvantage”, Obama said in a statement.
The signing took place at a ceremony in Auckland.
During a press conference following the signing, U.S. Trade Representative Michael Froman was asked if he thought Congress would pass TPP.
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Before his trip to New Zealand, Hoang told Vietnam News Agency reporters that, although domestic enterprises had been prepared for challenges from integration, some sectors may meet significant difficulties from the TPP.
