Trade Ministers Sign TPP; Domestic Approval Processes CommenceTuesday, February 9, 2016
(North American Meat Institute)
Ministers from the 12 Trans-Pacific Partnership (TPP) countries last week met in Auckland, New Zealand, to sign the final TPP trade deal. The TPP will now undergo a two-year ratification period during which at least six countries that account for 85 percent of the combined gross domestic production of the 12 TPP nations must approve the agreement. The 12 TPP countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
The signing also allows the Obama Administration to send Congress the final text of the agreement for review and a Statement of Administrative Action detailing how it plans to implement the pact. U.S. Trade Representative Michael Froman said the U.S. is developing a full implementation plan, which includes provisions to ensure developing countries can carry out all of their TPP obligations. The U.S. Congress has not yet set a date to consider the final pact, and it remains unclear whether the agreement will receive a vote this year.
TPP is projected to add $225 billion to the global gross domestic product (GDP) by 2025, and $77 billion to US GDP. The agreement will cover nearly 40 percent of the global economy and is expected to boost U.S. agricultural trade by six percent over the next nine years.share on facebook share on twitter