Auckland , New Zealand (ThaiTribune) – Amid protests, the pacific rim nations (namely, US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru) have signed the TPP agreement in Auckland, New Zealand.
These 12 nations make up roughly 40 percent of the global economy, and now have two years to either ratify or reject the TTP agreement.
Five years in the making, it is one of the biggest multi-national free trade deals ever. It still faces huge opposition however, with critics saying that it will “add to the wealth divide,” and it “benefits big businesses,” rather than workers.
Americans, in particular, are afraid that it will move some jobs to developing countries. The fact that the trade talks were held in secret is a large point of consternation for many people.
What is it?
-The pact aims to deepen economic ties between these nations, slashing tariffs and fostering trade to boost growth.
-The TTP pushes to further economic ties between the 12 nations. It slashes tariffs and tries to foster tried for growth.
-It could create a single market (like the EU.)
-The member nations are aiming to build a relationship based on economic polices and regulation.
-Member countries are also hoping to foster a closer relationship on economic policies and regulation.
What does it regulate?
The BBC reports, “Most goods and services are involved, but not all tariffs – which are taxes on imports – are going to be removed and some will take longer than others. In all, some 18,000 tariffs are affected.”
Some critics argue that the TPP will allow companies to sue governments that change their policy to favor state-provided services concerning health and education.
The biggest criticism the TTP faces is, as previously mentioned, its secrecy. The TTP negotiations were secret, with governments targeting huge changes without voter’s knowledge.
The next step:
The text of the agreement will have to be signed and then ratified by all 12 signatories. Details of how the deal will be implemented will be argued out in individual countries’ legislatures.
The agreement’s text, in its entirety, will have to be signed and rarified by all 12 nations, and the deal’s details will be implemented in each country’s legislations.
This report prepared by Kelly Payak for Thai Tribune.