TPP Member Release Deal Details

The full details are available form the New Zealand Ministry of Foreign Affairs and Trade

The long-awaited text of a landmark U.S.-backed Pacific trade deal was released on Thursday, revealing the details of a pact aimed at freeing up commerce in 40 percent of the world’s economy but criticized for its opacity.

If ratified, the Trans-Pacific Partnership (TPP) will be a legacy-defining achievement for U.S. President Barack Obama and his administration’s pivot to Asia, aimed at countering China’s rising economic and political influence.

China has responded with its own Regional Comprehensive Economic Partnership (RCEP), a proposed 16-nation free-trade area including India that would be the world’s biggest such bloc, encompassing 3.4 billion people.

But TPP, which will set common standards on issues ranging from workers’ rights to intellectual property protection in 12 Pacific nations, was kept largely from public scrutiny, angering transparency advocates concerned over its broad implications.

“The TPP means that America will write the rules of the road in the 21st century,” Obama said in post online. “If we don’t pass this agreement – if America doesn’t write those rules – then countries like China will.”

The White House is likely to formally notify U.S. lawmakers on Thursday that the president intends to sign deal, a senior Obama administration official said. That would start the 90-day clock before his signature triggers the next step in a process of seeking final congressional approval for the deal.

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza