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TPP Trade Deal Reached

Tuesday, October 6, 2015

(North American Meat Institute)

Trade ministers from the U.S. and 11 other Pacific Rim nations today reached an agreement on the Trans-Pacific Partnership (TPP) trade pact, which would cut trade barriers and establish common standards for nearly 40 percent of the global economy. The partner countries include Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Trade ministers announced the deal following five days of negotiations in Atlanta, Georgia. Final compromises covered commercial protections for biologic drugs, more open markets for dairy and sugar and an eventual elimination of tariffs on Japanese autos sold in North America.

The agreement would phase out thousands of import tariffs and other barriers to international trade, while also establishing minimum labor and environmental standards. The pact further sets up dispute settlement guidelines between governments and foreign investors separate from national courts and institutes uniform rules on corporate intellectual property rights.

In a statement, Meat Institute President and CEO Barry Carpenter expressed support for the deal saying, "TPP is essential to the stability and long-term viability of our industry by expanding U.S. beef, pork, lamb and poultry exports. The agreement holds enormous potential for American meat exports, and levels the playing field for American workers and business in the world's fastest growing economic region."

The full text of the final agreement is expected to be released in the coming month. TPP must first be approved by the U.S. Congress and lawmakers in each of the 11 other negotiating nations. Earlier this year, Congress passed Trade Promotion Authority, which allows only an up-or-down vote on the final agreement, without the possibility of offering amendments that could block a deal.

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