The Trans-Pacific Partnership (TPP) is a commercial agreement pursued by the Obama Administration that rivals the WTO in scale. It would link Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, and the United States into a free-trade zone similar to that of NAFTA. Proponents of this partnership, which includes 600 corporations, declare that it will (1) support the creation and retention of jobs in the aforementioned countries; (2) boost competitiveness, thereby benefitting consumers in these regions and promoting economic growth therein, and; (3) increase the standard of living and reduce poverty in the countries.
The TPP is the first agreement negotiated from the ground up by the Obama Administration and represents an ambitious, next-generation, Asia-Pacific partnership. Through this agreement the Administration is seeking to boost the U.S. economy, by increasing exports to a region that includes some of the world’s most robust economies. The large and growing markets in Asia-Pacific are already key destinations for U.S. manufactured goods, agricultural products, and services suppliers. The TPP aims to further deepen this trade and investment relationship. The Obama Administration, in collaboration with Congress and a wide range of stakeholders, is negotiating to conclude this progressive agreement that aims to address the issues that U.S. businesses and workers are facing in the 21st century. Trade Ministers have identified five defining features that will make TPP a landmark trade agreement. These are:
• Comprehensive market access: to eliminate tariffs and other barriers to goods and services trade and investment;
• Fully regional agreement: to facilitate the development of production and supply chains among TPP members;
• Cross-cutting trade issues: to build on work being…...