TPP Signed

TPP Signed

TPP Signed. I'm Greg Martin with Washington Ag Today.

We've been talking about it for a long time now, so what's all the fuss about the Trans Pacific Partnership or TPP? It's largest regional trade accord in history and it should set new terms for trade and business investment among the United States and 11 other Pacific Rim nations. U.S. Trade Representative Michael Froman made the announcement and gave a brief overview.

FROMAN: TPP brings higher standards to nearly 40% 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 our levels of development.

Supporters says that the TPP agreement will help unlock opportunities and help strengthen the global economy. It's also written in such a way that other countries like China could be added to the agreement in the future. Opponents on the other hand see it as giving away business and encouraging further export of manufacturing jobs to low-wage nations while limiting competition. Interestingly, now that the deal has been signed, it must now be approved by the individual nations which could take considerable time. Additionally, lawmakers will not be allowed to amend or filibuster the TPP deal, but the vote will come during the presidential primary nominating contests. Under the terms of the fast-track legislation, Obama must wait 90 days after the TPP agreement is completed before he signs it and sends it to Congress for a vote, and the text of the accord must be made public for at least 60 of those days.

And that's Washington Ag Today. I'm Greg Martin, thanks for listening on the Ag Information Network of the West.

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