By completing a TPP agreement, that the actions of the administration are certainly having an impact in protecting United States interests around the world, particularly in the Asia-Pacific region, the White House Press Secretary said.
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In fact, commerce department officials say seven countries of the TPP, which are also a part of the Regional Comprehensive Economic Partnership (RCEP) of which India is also a member, may put pressure on others to have talks in the same manner as the TPP.
The countries reached a contentious trade pact Monday that cuts trade barriers, sets labor and environmental standards and protects multinational corporations’ intellectual property after marathon negotiating sessions in Atlanta through the weekend.
He said the federal government’s self-congratulations over the end of “secret, protracted negotiations” were “misplaced” given Australians won’t see the agreement for about a month.
Yes, this deal goes far, far beyond tariff reduction.
Liu Chenyang, a researcher at the APEC Study Center of the Tianjin-based Nankai University, said: “China’s huge market demand and large population will be key in attracting countries to sign bilateral or multilateral FTAs”.
“The Riverina is a vast agricultural region and there are a number of new opportunities for local farmers to increase their production and exports to new markets”.
Countries such as Thailand and Indonesia, which have been looking to boost foreign investment and exports, may come under pressure to join TPP should FDI and trade flows from Japan and the U.S. shift to member countries such as Vietnam and Malaysia.
“It will be an enormous achievement for us to be able to make sure that 40% of the world’s economy is operating under rules that don’t hurt us”, Obama said.
The president acknowledged that while the TPP doesn’t make up for job losses created by past trade deals like the North American Free Trade Agreement (NAFTA), the United States must look forward.
NSW Nationals MP Michael McCormack said the TPP deal would benefit many commodities produced in his Riverina electorate. Aimed at bolstering USA economic dominance in the face of China’s spectacular growth, the TPP faced huge opposition from progressive groups who have cast the deal as “NAFTA on steroids”.
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“USA Rice will review the documents in detail when available and will, in consultation with our leadership, decide whether the market access gains are significant enough for us to support passage in Congress”, said USA Rice Chairman Dow Brantley, a rice farmer from Arkansas.
