TPP Agreement Moves Forward
Nine countries reach agreement, uncertainty remains about Japanese involvement.
Compiled by staff
Published: Dec 15, 2011
The Office of the U.S. Trade Representative announced that on Tuesday the Leaders of the nine Trans-Pacific Partnership countries – Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, and the United States – have achieved agreement of the broad outlines of an ambitious, 21st Century Trans-Pacific Partnership agreement. This agreement will enhance trade and investment among the TPP partner countries, promote innovation, economic growth and development, and support the creation and retention of jobs.
Deputy U.S. Trade Representative Demetrios Marantis told a House trade panel Wednesday that the administration hasn't decided whether to allow Japan to join the talks on TPP.
Rep. Kevin Brady, R-Texas, chair of the Ways and Means trade panel, said a deal could boost the U.S. economy.
"Opening up markets in the Asia-Pacific region for American goods and services must be a priority for robust U.S. long-term growth, to create good U.S. jobs, increase the competitiveness of U.S. exporters, and to preserve U.S. influence and leadership in the region," Brady said.
To enhance animal and plant health and food safety and facilitate trade among the TPP countries have agreed to reinforce and build upon existing rights and obligations under the World Trade Organization Agreement on the Application of Sanitary and Phytosanitary Measures. The SPS text will contain a series of new commitments on science, transparency, regionalization, cooperation, and equivalence. In addition, negotiators have agreed to consider a series of new bilateral and multilateral cooperative proposals, including import checks and verification.
TPP countries have also agreed to seek a common set of rules of origin to determine whether a product originates in the TPP region. The agreement is being negotiated as a single undertaking that covers all key trade and trade-related areas. In addition to updating traditional approaches to issues covered by previous free trade agreements, the TPP includes new and emerging trade issues and cross-cutting issues.
Permalink: Click here
|