With more than five years of negotiations now behind them, representatives from all twelve (12) signed the Trans-Pacific Partnership (TPP) agreement in Auckland, New Zealand, on February 4th.
In addition to the United States, the agreement was signed by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
The TPP is a free trade agreement promising to liberalize trade and investment between the 12 nations, which make up about 36 percent of the world’s Gross Domestic Product (GDP).
The deal – which will cut tariffs, improve access to markets and set common ground on labour and environmental standards and intellectual property protections – but still carries controversy from various sectors – was finally reached in October after five years of negotiations.
Naturally, comments came from those sectors, both public and private, as follows:
President Obama/White House Press Office
US Senate – Committee on Finance
US House of Representatives – Committee on Ways & Means
National Foreign Trade Council
American Apparel and Footwear Association (AAFA)
To learn more about U.S. trade within the TPP, or about the TPP in general, go to the U.S. Trade Representative web site here.
Your questions about this update may be directed to usregaffairs@livingstonintl.com.