Monday, October 12, 2015
Update of the Trans-Pacific Partnership
Deal close on landmark trade pact
After nearly six years of negotiations with countries including Japan and ten pacific-rim countries, the TPP (Trans-Pacific Partnership) may soon reach a conclusion. The TPP would break down trade barriers, and establish rules in areas like e-commerce, labor, and environment for countries that produce 40% of the world's economic output. Negotiators stayed an extra three days to hash out final auto, drug, and dairy regulations. Among the heated debates includes the issue of drug protection, and how long it takes for a company to legally make generic brand drugs. Another issue regarding dairy products is whether certain regulations may cause U.S. producers to require their market to open more imports from New Zealand than they gain in exports from Canada and Japan. Furthermore, business groups have pushed for protective tariffs and intellectual property protections. All in all, it is clear to see why debates are so heated and have lasted so long.
According to article author Doug Palmer, the Partnership is a key in allowing the U.S. to establish a foothold in the Asian market that is dominated by China. The TPP can, according to many environmental groups, establishes much needed environmental and safety regulations.
As the negotiations seem to draw to a close, Obama now faces the daunting task of presenting the treaty to Congress.
What are some possible cons and or shortcomings to agreeing to the treaty? Would this be a step towards the right direction in fostering good relations with the rest of the world, or should America not even concern itself with foreign affairs, and instead focus on domestic affairs?
Posted by Nicholas Tong1 at 6:33 PM