Arab Today, arab today 12 pacific countries seal huge free trade deal
Last Updated : GMT 23:52:36
Arab Today, arab today
Arab Today, arab today

12 Pacific countries seal huge free trade deal

Arab Today, arab today

Arab Today, arab today 12 Pacific countries seal huge free trade deal

The Trans-Pacific Partnership creates the world's largest free-trade area
Atlanta - AFP

Twelve Pacific rim countries sealed the deal Monday on creating the world's largest free trade area, delivering President Barack Obama a major policy triumph.

The deal on the Trans-Pacific Partnership, led by the United States and Japan, aims to set the rules for 21st century trade and investment and press China, not one of the 12, to shape its behavior in commerce to the TPP standards.

"After five years of intensive negotiations, we have come to an agreement that will create jobs, drive sustainable growth, foster inclusive development, and promote innovation across the Asia Pacific Region," said US Trade Representative Michael Froman.

The hard-won deal to create the world's largest free-trade area, encompassing 40 percent of the global economy, came after five days of round-the-clock talks in an Atlanta hotel.

President Barack Obama, who made the TPP a priority of his second term, said the accord reached in Georgia "reflects America's values and gives our workers the fair shot at success they deserve."
"When more than 95 percent of our potential customers live outside our borders, we can't let countries like China write the rules of the global economy," Obama said in a statement. "We should write those rules, opening new markets to American products while setting high standards for protecting workers and preserving our environment."

More than 18,000 taxes imposed by various countries on US products will be eliminated thanks to the partnership, he added.
- 'Shape the future' -
The accord involves significant market openings from Canada, the United States and Japan but also sets controversial new patent standards for cutting-edge biologic drugs and demands countries like Vietnam, Mexico and Malaysia improve labor standards.

"This agreement in my view is truly transformational," said Canada Trade Minister Ed Fast.

"The magnitude and importance of rules for 21st century issues can't be underscored enough.... It will shape the future for many trade agreements in this 21st century."

The talks went four days past deadline to resolve conflicts over Canada and Japan opening up their dairy markets to New Zealand exports, and objections from Australia, Peru and Chile to the US push for longer biologic patent protections.
Trade ministers said the landmark deal addresses new issues like data trade, foreign investment protections and intellectual property that have not been covered in multilateral trade pacts of the past.

New Zealand Trade Minister Tim Groser said his side of the talks went to 5 am Monday morning before an agreement was set.

The deal is "profoundly important and beneficial to the generations of people in our respective countries," he said.

The accord still must be signed and ratified by the respective countries, which also include Singapore and Brunei.

In Canada, facing a national election in two weeks, and in the United States, with elections coming in one year, that could prove particularly difficult.

US members of Congress have already warned that they will not ratify any deal that gives up too much in US interests.

Powerful Senator Orrin Hatch warned Monday that he will scour the deal "to determine whether our trade negotiators have diligently followed the law so that this trade agreement meets Congress's criteria and increases opportunity for American businesses and workers."

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 12 pacific countries seal huge free trade deal Arab Today, arab today 12 pacific countries seal huge free trade deal

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today Former head of Egypt’s syndicate submits appeal

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Haifa Wahby bets on her new drama show

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 15:06 2017 Saturday ,25 March

Dialysis Supplies Dwindle for Syrians

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" 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