The TPP will be one of the largest trade agreements in history, covering 40 percent of global GDP and encompassing potentially 11 other countries. The other nations proposed for inclusion are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
There have been some efforts from within President Obama’s own party to derail the initiative
The bill will need 60 votes of approval in the Senate and 218 in the House of Representatives to pass. There have been some efforts from within President Obama’s own party to derail the initiative, with Democratic Senator Bob Menendez attempting to add a provision which would block any trade agreements with countries that the State Department’s Human Trafficking Report has classified as Tier 3, of which potential TPP partner Malaysia is classified.
In a boost to Obama’s efforts, footwear manufacturer Nike has said, reports the Financial Times, that it will expand “advanced footwear manufacturing” in the US, creating 10,000 jobs, if Congress gives the president the authority to fast track negotiations with other TPP partners.
For TPP to go ahead, Japan’s dairy and rice protectionist policies must be addressed, as well as Canada’s protection of its dairy industry. There have also been concerns over human rights in Mexico and Malaysia.
According to Obama, the US must take the initiative in creating this free trade agreement. “We have to make sure America writes the rules of the global economy and we should do it today while our economy is in a position of global strength,” the FT reports Obama saying. “If we don’t write the rules for trade around the world, guess what, China will. And they’ll write those rules in a way that gives Chinese workers and Chinese businesses the upper hand.”
