There are now reports that the parties to the Trans-Pacific Partnership will formally sign the deal on February 4 in New Zealand, and President Obama is expected to make a push for congressional ratification in his State of the Union address.
The newly released Trans-Pacific Partnership (TPP) text reveals that US trade negotiators have finally caught up with the IMF and others on the question capital controls. Unfortunately, by allowing for appropriate uses of controls on “hot money,” the TPP may have created new enemies within the powerful US financial services lobby, further jeopardizing political support for the agreement.
Now that it has been released, it will take a while to dig through all 30 chapters, plus annexes, and side letters that constitute the Trans-Pacific Partnership (TPP). I’ve only taken a quick look at a few chapters and, so far, my take hasn't changed much since the summary was released in October.
After five years, capped by five days of intense, around-the-clock negotiation, trade ministers from the twelve Tran-Pacific Partnership (TPP) countries announced they had reached a deal in Atlanta Sunday night. From information available so far, it looks like there were improvements in some areas of interest for developing countries. But I still have concerns in the three areas I wrote about in July.
What do Teodoro Obiang Nguema Mbasogo, Bashar al-Assad, Muammar Gaddafi, and the House of Saud have in common? Leif Wenar, chair of philosophy and law at King’s College London, has a three-letter answer: oil.
Representatives from the 12 countries negotiating the Trans-Pacific Partnership (TPP) trade agreement are in Hawaii this week trying to close the deal. US negotiators are insisting that Canada must reform its supply management system for dairy and allow more imports, while conceding that maybe the United States could let in just a wee bit more foreign sugar, as long as it doesn’t disrupt the US supply management program for sugar! Being a big, powerful country is great. But if you’re a small country, and particularly a relatively poor one, trade negotiations are trickier. And if you are a poor country outside the negotiations, you have no say at all on how the negotiations will affect your interests.
The Senate approved the much-debated, and delayed, trade promotion authority (TPA) bill just in time to head off for the Memorial Day recess. The fate of the bill in the even more fractious House of Representatives remains uncertain, as does the US role as leader of an open, rules-based trade system.