«We should write those rules, opening new markets to American products while setting high standards for protecting workers and preserving our environment».
Congress gets a vote on the deal, known as the TPP. Eleven countries and the United States have struck a deal called TPP.
The deal has been promoted as a «historic» opportunity to support jobs, drive sustainable growth, and spur development and innovation across the Asia-Pacific region.
The Trans-Pacific Partnership agreement is the result of years of negotiations and encompasses almost 40 percent of the world economy.
The charity says the TPP will force developing countries to change their laws to incorporate «abusive intellectual property protections for pharmaceutical companies», including the introduction of patent protection for biologic drugs that it claims will make it harder to bring biosimilars to market.
The Southeast Asia Tobacco Control Alliance said it is the first time tobacco has been singled out in a free trade agreement. Ford said the TPP in its current form doesn’t prevent the currency manipulation that can hurt global trade and the competitiveness of USA manufacturing.
«We have met that standard in this agreement».
The deal promises to demolish tariffs that hindered American manufacturers and agriculture from trading in the Asian-Pacific region that had artificially driven up the prices of US goods. The partnership between economic powerhouses like the United States, Japan, Australia, Canada and Singapore on the one hand, and Vietnam, Malaysia, Peru, Chile and Mexico on the other, is part of an attempt to balance China, which isn’t part of the deal, and sets a new benchmark for trade agreements.
To formalise the outcomes of the agreement, negotiators will, however, continue the technical work to prepare a complete text for public release, it said. Though President Xi Jinping’s economic reforms aim to level the playing field among state and private sectors, China will move forward at its own pace.
Source: NYSEPOST