Magazine article Global Finance

TPP Achieved, Passage in Congress Is Next Step

Magazine article Global Finance

TPP Achieved, Passage in Congress Is Next Step

Article excerpt

After years of talks, 12 Pacific Rim nations, from Vietnam to Peru to the United States, reached an agreement in early October to create a vast, new trade bloc called the Trans-Pacific Partnership (TPP).

Leading the American negotiating team was the US trade representative, president Barack Obama's longtime adviser Michael Froman. It was a huge victory for Froman.

Now he needs to get it through the US Congress as talks for the other major trade agreement on the table, the Transatlantic Trade and Investment Partnership (TTIP) with the EU, vies for his attention.

"I don't think any other USTR could have done a better deal than he did," says Gary Clyde Hufbauer, a senior fellow at the Peterson Institute for International Economics in Washington DC. "The US did not accomplish all its objectives, but neither did any other country. It's a compromise."

The TPP text is 30 chapters of trade-related measures to break down barriers between member nations. It strengthens labor standards, reduces tariffs in the merchandise, agricultural and automotive sectors and harmonizes intellectual property rights in pharmaceuticals and entertainment. …

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