Arab Today, arab today biggest ever trade deal signed as us seeks to counter china
Last Updated : GMT 20:31:08
Arab Today, arab today
Arab Today, arab today

One of the biggest deals in history

Biggest ever trade deal signed as US seeks to counter China

Arab Today, arab today

Arab Today, arab today Biggest ever trade deal signed as US seeks to counter China

Demonstrators and police come face to face as they close down streets
Auckland - Arab Today

The biggest trade deal in history was signed Thursday, yoking 12 Pacific rim countries in a US-led initiative aimed at wresting influence from booming China.
The ambitious Trans Pacific Partnership (TPP) aims to slash tariffs and trade barriers for an enormous 40 percent of the global economy -- but pointedly does not include Beijing.

"TPP allows America -- and not countries like China -- to write the rules of the road in the 21st century," US President Barack Obama said after the pact was signed in New Zealand.

The deal -- whose birth was fraught by domestic opposition in the US and in other key players, such as Japan -- is a key plank of Obama's so-called "pivot" to Asia, as he seeks to counter the rising power of China.

Along with a rebalancing of the US military machine towards the western Pacific, the TPP is recognition of the growing might of China, which has come to dominate the region, threatening American influence.

Supporters of the deal say harnessing the power of free trade in such a dynamic part of the world is vital if the US is to fend off China's challenge to its supremacy.
Trade ministers from 12 participating countries -- Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam -- signed the pact in Auckland early Thursday.

Beijing was muted in its reaction to the deal, saying its officials were studying the 6,000-page document.

A commerce ministry statement said China would "actively participate in and facilitate highly transparent, open and inclusive free trade arrangements in the region".

Despite Obama's comments, the US has also sought to play down any overt anti-China rhetoric.

US trade representative Michael Froman, in Auckland, said the agreement was "never directed against" any specific country and "it's important to have a constructive economic relationship" with China.
Although the signing marks the end of the negotiating process, member states still have two years to get the deal approved at home before it becomes legally binding.

"We will encourage all countries to complete their domestic ratification processes as quickly as possible," New Zealand Prime Minister John Key said.

"TPP will provide much better access for goods and services to more than 800 million people across the TPP countries, which make up 36 percent of global GDP."

However, ratification may prove far from easy, notably in the United States, where poisonous election-year politics are likely to stymie co-operation over a deal opponents have spun as a job killer.

"It's highly unlikely (ratification) before the national elections in November," Tom Switzer of the University of Sydney's US Studies Centre told AFP.
"In an election year, free trade is not a popular cause, and there are a lot of constituencies in both the Democratic Party and the Republican Party who are very much opposed to free trade or any kind of trade deal."

In Japan -- the second biggest economy in the bloc, and one that was a relative latecomer to the process -- mainstream politicians and economists have generally supported the TPP as positive for Tokyo's export-driven growth even amid concerns over its impact on its prized agriculture industry.

The Canadian government, which has changed since the deal was negotiated, signed up Thursday but has yet to decide whether to go through with ratification.

While the 12 trade ministers were shaking hands in Auckland, thousands of protesters clogged the streets outside to voice their opposition.

They argue the TPP will cost jobs and impact on sovereignty in Asia-Pacific states.

American economist and Nobel Prize winner Joseph Stiglitz believes the TPP "may turn out to be the worst trade agreement in decades.

"In 2016, we should hope for the TPP's defeat and the beginning of a new era of trade agreements that don't reward the powerful and punish the weak," he recently wrote in The Guardian newspaper.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today biggest ever trade deal signed as us seeks to counter china Arab Today, arab today biggest ever trade deal signed as us seeks to counter china

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today biggest ever trade deal signed as us seeks to counter china Arab Today, arab today biggest ever trade deal signed as us seeks to counter china

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday