The TPP is a free trade agreement such as the NAFTA. It expands thePacific Rim and it includes 12 countries; Canada, US, Japan, Mexico, Peru,Chile, New Zealand, Australia, Singapore, Brunei, Vietnam, and Malaysia. Together,these 12 countries make up 40% of the world’s GDP. They also make up one-thirdof the world’s trade making it the biggest trade deal in history.
Like all freetrade agreements a key factor of the TPP is to eliminate or lower tariffs on awide variety of goods. Some tariffs are eliminated right away while others areset to phas out gradually over the next few years. Negotiators have set up schedulesfor every item.
TPP is not all about tariffs , other aspects include laborprovisions. It focuses on child labor, minimum wage, and worker’s rights. OriginallyTPP had the bipartistan support of Obama. Obama stated “It’s the higheststandard most progressive trade deal in history”. It seemed like it wouldbypass any opposition. An effective bi-paristan consensous concluded that thebenefits like cheaper goods and increased growth, out weighed the cons like joblosses in the manufacturing industry. The TPP creates standards and rules thatthe governing nations must abide by. It’s also backed by many powerful corporationsas well as the corporatist politicians they financially support.
It would alsorequire nations with previously closed economies to liberalize its provisionson labor organizing, for example, requiring to allow workers to unionize formore rights and better treatment. The TPP would also create a network andframework for expanding and enforcing existing international environmental protectionagreements. There aer clear benefits through removing tariffs in general and otherbarriers that restrict global trade. The TPP would expand American trade opportunitieswith participating countries and lead to greater efficiency, lower costs, anincreased variety for consumers and a growth in the GDP.
Also, by raisingregulatory rules and standards for many of China’s key trading partners, theTPP would minimize its capacity to manipulate global trade and deliver greatercontrol to an international governing body. The biggest criticism lodged thatthe TPP was negotiated in secret before the final agreement was released