Noting the signing of the Trans-Pacific Partnership on Thursday, which does not include China, a ministry statement said: “China is studying it, and evaluation work is under way”.
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Peru’s Foreign Trade and Tourism Minister Magali Silva signed the Trans-Pacific Partnership (TPP) agreement in New Zealand’s city of Auckland today along with her counterparts from 11 Pacific countries.
Ministers from the 12 nations involved in the controversial Trans-Pacific Partnership trade deal have officially signed the agreement in Auckland.
In the long-run, the deal – which excludes China, the world’s second-largest economy – could help cement American influence in the Pacific, and give the US more power to set the rules of global trade across much of Asia.
– Participating countries now have two years to get the final deal approved at home, but this may not be straightforward – particularly in the USA, where opponents say the TPP is a job killer.
“Our goal is to enhance shared prosperity, create jobs and promote sustainable economic development for all of our nations”, the trade representatives said in a joint statement.
The ambitious pact aims to break down trade and investment barriers between countries comprising about 40 percent of the global economy. Based on 2014 exports, this would be a reduction in tariffs paid of around NZ$72 million which ensures that New Zealand red meat products will remain competitive in TPP markets. The TPP took eight years to negotiate and the parliaments of six of its member nations now have two years to ratify the agreement.
The TPP was agreed in October after years of negotiations and multiple missed deadlines.
Groups opposed to the TPP have expressed concern about the secrecy in which the negotiations were conducted and the potential erosion of a country’s sovereignty.
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Already, U.S. apparel manufacturers are anticipating being able to use Vietnamese-made textiles as that country ramps up its textile production with heavy investment from Chinese and Korean businesses. The present administration of the U.S. is in favour of signing the agreement and is of the view that the United States economy might face a challenge if the deal is not signed in due time. Those attending the ceremony cheered as his New Zealand counterpart, Todd McClay, added the last signature.
