The pact would eliminate tariffs on textile and apparel goods traded between the 12 TPP countries – the United States, Canada, Japan, Mexico, Peru, Chile, Australia, New Zealand, Brunei, Malaysia, Vietnam and Singapore – with many tariffs going to zero on day one, and others being phased out.
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“I understand that renegotiation may be hard, particularly with so many parties involved”, Hatch said in a speech at the U.S. Chamber of Commerce, an organization that has yet to back the agreement, reported Reuters.
President Obama notified Congress on Thursday that he intends to sign a expansive trade agreement spanning the Pacific Rim to Latin America.
“We’re glad to have the text of the agreement available, and we expect that to ease concerns people might have about the TPP”, CFBF President Paul Wenger said.
On Thursday morning, Obama praised the impending deal on the online publishing platform Medium, saying it will specifically help Detroit’s automakers and their employees, potentially opening Japan’s auto market to more US competition and reducing global tariffs.
“As always with these wide-ranging and comprehensive agreements, twelve countries have to ratify the agreement”, Robb said on Friday.
“Now that the text of the Trans-Pacific Partnership has finally been released, it is even worse than I thought”.
But Obama faces fierce resistance to the deal from within his own party, and Democratic presidential front-runner Hillary Clinton opposes it.
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. “If you take a look at what’s actually in the TPP, you will see that this is, in fact, a new type of trade deal that puts American workers first”.
The agreement would set common standards on issues ranging from workers’ rights to intellectual property protection in 12 Pacific nations.
U.S. Trade Representative Michael Froman warned that trying to reopen the complex deal could unravel the whole package. South Korea hasn’t participated in the negotiations, although policymakers have said it plans to do so down the line.
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The deal would grant multinational corporations the right to challenge laws and regulations in secret tribunals when they are considered trade barriers.
