The TPP is one of the largest trade agreements ever attempted, covering almost 40% of the world’s economy.
The TPP is said to have been designed to enhance trade and investment among the TPP partner countries, to promote innovation, economic growth and development, and to support the creation and retention of jobs. However, major regional economies such as China and India are not part of the TPP, which raises questions about how much it will be able to boost overall trade in the region.
Among other things, the TPP is promising the lowering of trade barriers such as tariffs, the establishment of a common framework for intellectual property, the enforcement of standards for labour law and environmental law, and the establishment of an investor-state dispute settlement mechanism.
The TPP concluded
On 4 October it was announced the TPP has been successfully negotiated.
The deal has been signed by twelve Pacific Rim countries, including Australia,covers agriculture, resources and energy, manufacturing, and services.
What will the TPP mean in practice?
A summary of the TPP has been released by the Office of the United States Trade Representative, but there is not enough detail for a proper analysis.
A draft version of the Intellectual Property chapter of the TPP was leaked by WikiLeaks in 2013, and a draft version of the Investment chapter in early 2015, which has led to some consternation across the nations involved.
Many of the details of the TPP were negotiated behind closed doors, drawing persistent criticism that business and political interests dominated the talks at the expense of the public interest. In an era of increased expectations of government accountability and transparency, this was a poor choice by those involved.
Some of the biggest concerns revolve around the environment, intellectual property, workers’ rights and investor-state dispute settlement.
Courtesy: The Vue Post