And more USA 11 countries close the largest regional agreement in historyThe agreement aims to reduce trade and tariff barriers.
Ministers two Americas, Japan and ten countries of the Pacific region closed on Monday an historic agreement to reduce trade and tariff barriers and establish common rules for a block of nations is 40% the global economy. The details of the agreement should be announced officially on Monday.
Besides the US and Japan, the member countries of the so-called Trans-Pacific Partnership (TPP, its acronym in English) are: Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The New York Times, the deal, which still needs to be voted by Congress, provides thousands eliminate import tariffs, establish standards on intellectual property of corporations, crack down on wildlife trafficking and environmental abuses.
The agreement is considered a victory for US President Barack Obama, which has the pact to boost economic growth, approaching the Pacific at a time when China – which is not part of the block – financial difficulties and adopt an economic approach and more aggressive military in the region.
Obama, However, must face serious challenges in the coming months to ensure the approval of the TPP in Congress, which is divided. Few Democrats support trade policy of Obama and the endorsement of the Republicans will be unpredictable by little a year of presidential elections. The vote on the agreement will not occur before the start of next year.
In a statement on Monday, the president said “this partnership levels the playing field for our farmers, farmers and manufacturers, eliminating over 18.000 taxes that several countries impose on our products”.
After dozens of rounds of negotiations and five days of bargaining efforts in Atlanta, Trade ministers and other officials said they resolved conflicts over intellectual property protection of biological drugs, rules for automotive production and dairy products.
A TPP, if approved in the US Congress, will mark the effective expansion of the Free Trade Agreement of North America (oil, its acronym in English), launched two decades ago, to include Japan, Australia, Chile, Peru and several countries in Southeast Asia. The pact has been negotiated since 2008.