Trans-Pacific Partnership Agreement Reached

Trans-Pacific Partnership Agreement Reached

Yesterday after seven years of negotiating, the 12 nations have finally agreed to terms of the Trans-Pacific Partnership. U.S. Trade Representative Michael Froman says
Froman: “TPP brings higher standards to nearly 40 percent of the global economy. In addition to liberalizing trade and investment between us, the agreement addresses the challenges our stakeholders face in the 21st century while taking into account the diversity of the levels of our development.”
By Monday afternoon, some of the nation’s commodity groups weighed in on the agreement. The US Grains Council applauded the completion of the TPP negotiations and stated in their news release that a TPP agreement is expected to increase the output of all grain exports from the United States by 11 percent.
The National Cattlemen’s Beef Association release spoke of the the TPP immediately reduce tariffs and level the playing field for US. beef exports to these growing markets.
The National Corn Growers Association was pleased that the TPP agreement has been reached and they look forward to carefully examine the agreement details in coming weeks to determine whether its in the best interest of America’s corn farmers.
The National Farmers Union on the other hand stated much disappointment that the issue of currency manipulation was not addressed.
This trade agreement is subject to legislative approval of all participating nations’ which most likely go well into 2016.
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