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TPP: What is it and why does it matter? TPP: What is it and why does it matter?
(about 4 hours later)
The Trans-Pacific Partnership (TPP) is one of the most ambitious free trade agreements ever signed.The Trans-Pacific Partnership (TPP) is one of the most ambitious free trade agreements ever signed.
Those in favour say this trade deal will unleash new economic growth among countries involved.Those in favour say this trade deal will unleash new economic growth among countries involved.
Those against - particularly some Americans - fear it could mean jobs will move from the US to those developing countries involved. Those against - particularly some Americans - fear it could mean jobs will move from the US to developing countries.
They also do not like the fact the five-year long talks have been largely secret. They also do not like the fact the five-year talks have been largely secret.
There are 12 countries involved: the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.There are 12 countries involved: the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
The pact is aimed at deepening economic ties between these nations, slashing tariffs and fostering trade to boost growth.The pact is aimed at deepening economic ties between these nations, slashing tariffs and fostering trade to boost growth.
Member countries are also hoping to foster a closer relationship on economic policies and regulation.Member countries are also hoping to foster a closer relationship on economic policies and regulation.
The agreement could create a new single market like that in Europe.The agreement could create a new single market like that in Europe.
It began with a trade agreement between just four nations - Brunei, Chile, New Zealand and Singapore - that came into effect some 10 years ago. Most goods and services seem to be involved, but not all tariffs are going to be removed and some will take longer than others.
That deal removed tariffs on most goods traded between the countries, promised to cut more and co-operate on wider issues such as employment practices, intellectual property and competition policies. For example, the signatories have said they will either eliminate or reduce tariffs and other restrictive policies from agricultural products and industrial goods.
On textiles and clothing, they will be removing all tariffs, but while the US Trade Representative says most tariffs will be removed immediately after the deal is ratified, "tariffs on some sensitive products will be eliminated over longer timeframes as agreed by the TPP Parties".
On trade in services, they seem to have agreed that free trade would be quite a good thing, and in some areas, they are going to liberalise trade. In others they are probably not going to make their trade practices any more restrictive in the future, and in a final group they have opted out completely and will do what they like.
Apparently which services and countries fall into which category will be contained in an annexe to the agreement, but the full text has not yet been published, so it is hard to tell which is which.
You can find more on the specific industries involved here.
It began with a trade agreement between just four nations - Brunei, Chile, New Zealand and Singapore - that came into effect 10 years ago.
That deal removed tariffs on most goods traded between the countries, promised to cut more and also to co-operate on wider issues such as employment practices, intellectual property and competition policies.
Pretty big indeed. The 12 countries have a collective population of about 800 million - almost double that of the European Union's single market. The 12-nation would-be bloc is already responsible for 40% of world trade.Pretty big indeed. The 12 countries have a collective population of about 800 million - almost double that of the European Union's single market. The 12-nation would-be bloc is already responsible for 40% of world trade.
The deal is a remarkable achievement given the very different approaches and standards within the member countries, including environmental protection, workers' rights, and regulatory coherence - not to mention the special protections some countries have for certain industries. The deal is a remarkable achievement given the very different approaches and standards within the member countries, including environmental protection, workers' rights and regulatory coherence - not to mention the special protections that some countries have for certain industries.
They argue it is a not-so-secret gambit to keep China at bay. China is not involved in negotiations.They argue it is a not-so-secret gambit to keep China at bay. China is not involved in negotiations.
Others claim it will pave the way for companies to sue governments that change policy on, say, health and education to favour state-provided services.Others claim it will pave the way for companies to sue governments that change policy on, say, health and education to favour state-provided services.
The TPP will also intensify competition between countries' labour forces.The TPP will also intensify competition between countries' labour forces.
But the biggest criticism has been of what the campaigners allege to be secretive negotiations in which governments are seeking to bring in sweeping changes that voters have no knowledge of. But the biggest criticism has been of what the campaigners allege to be secretive negotiations, in which governments are said to be seeking to bring in sweeping changes that voters have no knowledge of.
Defenders say the reason the negotiations were not made public was because there was no formal agreement on them.Defenders say the reason the negotiations were not made public was because there was no formal agreement on them.
Confusingly not.
The Transatlantic Trade and Investment Partnership, now generally known as TTIP, is a deal to cut tariffs and regulatory barriers to trade between the US and member states of the EU.
You can read more about it here.
Details of how the deal will be implemented will be argued out in individual countries' legislatures in the coming weeks and months before being ratified.Details of how the deal will be implemented will be argued out in individual countries' legislatures in the coming weeks and months before being ratified.
In the US, the pact is likely to come before Congress in the midst of the presidential primaries, turning it into a major political football within both parties.In the US, the pact is likely to come before Congress in the midst of the presidential primaries, turning it into a major political football within both parties.
However, Congress has granted the President "fast-track" authority over the deal, which allows lawmakers to review the agreement, but not to amend it.However, Congress has granted the President "fast-track" authority over the deal, which allows lawmakers to review the agreement, but not to amend it.