The Trans Pacific Partnership has been under the scanner for several reasons. President-elect Donald Trump has already vowed to withdraw from the partnership. He has vowed to do this on the very first day that he assumes office.
The Trans Pacific Partnership is a mega trade deal where 12 nations take an active part. The mission of this partnership is the boosting of Pacific Rim trade and commerce. Some of the member nations are New Zealand, Australia, Brunei, Singapore and Japan. Others include Malaysia, Vietnam, Canada, Chile, and Peru. Mexico and the United States are also vital players in this partnership.
Donald Trump has called this partnership “a potential disaster for our country” according to Express. He has vouched to replace this with fairer bilateral trade deals. These would restore American industry and jobs according to him. Trump has always criticized such multinational agreements including the US-EU Transatlantic Trade and Investment Partnership.
The Trans Pacific Partnership covers almost all industries from technology and agriculture to automobiles. It will be abolishing trade barriers and tariffs once it is fully ratified. It will also be unifying all goods and services regulations thereafter. There will be a provision for private companies to sue national governments in case the latter broke terms or passed laws detrimental to business.
Some More Details on the Partnership
The agreement was signed by Barack Obama and leaders of other nations in February 2016. The entire deal does not contain China. The Guardian has reported that Trump will be issuing a note of intent for withdrawing from the deal.
Japanese PM Shinzo Abe has already issued warnings relating to the TPP being absolutely “meaningless” minus the United States. Abe talked of how other countries in the pact did not have discussions on a possible withdrawal of the United States. In this case, it would be really hard to keep the agreement alive.