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Officials Reach Deal on Trans-Pacific Partnership

Officials Reach Deal on Trans-Pacific Partnership


UNITED STATES OF AMERICA
Monday, October 5th, 2015

The long-debated 12-nation Trans-Pacific Partnership (TPP) deal has finally been reached, potentially strengthening trade relations between around 40 percent of the world’s economy.

TPP, as explained by the U.S. Trade Office

According to the USDA, the TPP would eliminate or significantly reduce tariffs on American products and deter non-science based sanitary and phytosanitary barriers that have put American agriculture at a disadvantage in TPP countries in the past. 

David MacLennan, Chairman and Chief Executive Officer, Cargill

"In many parts of the world, food and agricultural products still face the legacy of high import barriers," said CEO and Chairman of Cargill, David MacLennan. "We believe the Trans-Pacific Partnership will allow food to move more freely across borders from places of plenty to places of need, which benefits farmers and consumers around the world. Over time, the most successful countries have been those that embraced international trade. Modern trade agreements like the TPP will continue that trend, while also setting high standards for labor, human rights and sustainability."

The twelve countries that will be affected by the TPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S., and Vietnam. 

Graphic credited to The New York Times

If ratified, the Trans-Pacific Partnership would be the largest pact governing international commerce in more than two decades, according to Bloomberg, encompassing 40 percent of the world’s economic output. President Obama released a statement saying the trade pact would eliminate more than 18,000 taxes on U.S. products and includes enforceable labor and environmental standards.Tom Vilsack, United States Agriculture Secretary

"Thanks to this agreement and its removal of unfair trade barriers, American agricultural exports to the region will expand even further, particularly exports of meat, poultry, dairy, fruits, vegetables, grains, oilseeds, cotton and processed products," explained U.S. Agriculture Secretary Tom Vilsack in a released statement. "Failing to grasp this opportunity would be a mistake: worse than just losing out on potential gains, our producers would fall behind other countries that are negotiating their own preferential arrangements in TPP countries." 

The deal has not been without opposition, however. Vermont Senator and presidential candidate Bernie Sanders, as well as Massachusetts Senator Elizabeth Warren have been the most vocal in their opposition to the deal, saying it would favor corporations and will undercut U.S. wages.

Congress will now have at least 90 days to review and officially approve the deal.