Tuesday, October 6, 2015

International Trade News

Yesterday, the United States and eleven Pacific Rim nations announced they have concluded negotiations and reached agreement on the terms of the Trans-Pacific Partnership (TPP).

U.S. Trade Representative Michael Froman said the "historic" TPP agreement will "support jobs, drive sustainable growth, foster inclusive development and promote innovation across the Asia-Pacific region," while also raising living standards.  The White House further asserted that the TPP will eliminate "over 18,000 taxes that various countries impose on Made in America exports," and  that import taxes on U.S. auto products will now be cut in member nations.  The USTR also unveiled a new TPP website.

If ratified, the TPP would be the largest free trade agreement to which the United States is a party. However, ratification is not assured. Opponents have expressed concern about the agreement's effect on intellectual property protections, the cost of generic drugs, and fishing rights. 

In other trade news, the World Trade Organization (WTO) announced that terms of accession have been negotiated and concluded for Liberia, paving the way for Liberia to become a member of the WTO at the Nairobi meeting in December.



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