With yesterday’s successful conclusion of the Trans-Pacific Partnership negotiations, the United States and 11 other nations have taken a critical step forward in strengthening economic ties and deepening strategic relationships in the Asia-Pacific region. It is the largest regional trade accord in history.
This historic agreement links together countries that represent nearly 40 percent of global GDP.
TPP eliminates over 18,000 different taxes on made in America exports, providing unprecedented access to vital new markets in the Asia-Pacific region for U.S. workers, businesses, farmers, and ranchers and includes the strongest commitments on labor and the environment of any trade agreement in history, and those commitments are enforceable, unlike in past agreements.
“When more than 95 percent of our potential customers live outside our borders, we can’t let countries like China write the rules of the global economy,” Mr. Obama said in a statement. “We should write those rules, opening new markets to American products while setting high standards for protecting workers and preserving our environment.”
That argument — that the Pacific pact would be a bulwark against China’s power and a standard-setter for global commerce — will be central to the president’s hard sell ahead to Congress, administration officials said.
The deal, if approved by Congress, will mark an effective expansion of the North American Free Trade Agreement launched two decades ago to include Japan, Australia, Chile, Peru and several southeast Asian nations.
Monday October 5, 2015
White House/ United States. https://www.whitehouse.gov
Wall Street Jurnal/ United States. http://www.wsj.com