Trans Pacific Partnership agreement has set the stage for a legislative battleground placing Democrats against Obama’s “fast-tract” authority to negotiate a Pacific trade pact. It’ll be the largest trade agreement in history, when the U.S. aligns with 11 other partnering countries that is central to Obamas strategic shift toward Asia.
The Trans-Pacific Partnership (TPP) also known as Trade Promotion Authority (TPA) is a proposed regional regulatory and investment treaty. Participating countries tried to wrap up negotiations in 2012 but contentious issues such as agriculture, intellectual property, services and investments caused it to fast forward to the last meeting in July 2014 in Ottawa, Canada. The implementation of TPP is one of the primary goals of the trade agenda of the Obama Administration in the U.S.
The Obama admin, announced in 2009 when he took office that it was entering TPP negotiations with 11 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. This potential legacy-defining achievement under Obama’s belt would connect 12 economies by cutting trade barriers and coordinating standards covering 2/5th’s of the world’s economy and 1/3rd of global trade.
Read more at PatriotUpdate