trans-pacific partnership: the deal, projections and impact
TRANSCRIPT
Trans-Pacific Partnership
The Trade Deal
Trans-Pacific Partnership
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• Trans-Pacific Partnership (TPP) is a Trade agreement influencing the economic policy that includes 12 Pacific rim countries namely, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States
Trans-Pacific Partnership
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Brunei
New Zealand
2005
2008MalaysiaAustralia
Canada
Japan
United States
Vietnam
Trans-Pacific Strategic Economic Partnership
Agreement
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Constitute40% of World
Economy
www.cbc.ca
Elements that prolonged TPP
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Agriculture
Intellectual Porperty
Services
Investment
Trans-Pacific Partnership
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• Current trade agreements (Example: North American Free Trade Agreement) will be reduced to the terms in accordance with TPP or negotiated to liberal terms than TPP
Ratification required to bring TPP
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TPP enters into force 60 days post ratification by all the participant countries
OR
Within 2 years
– If at least 6 participant countries ratify it
AND
– Those 6 countries account for 85% of the combined GDP of all participant countries
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Here's the key ratifier without which the deal cannot come into force
Transparency
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Influences Economic Policy
Labour
Environment
PovertyEnhance
Promote
Trans-Pacific Partnership - Pros
Labour
Environment
Economic growth
Jobs-Creation & Retention
Labour
Environment
Innovation
Productivity
Trans-Pacific Partnership
12 Pacific rim countries
Competitiveness
Living Standards
Good Governance
Innovation
Productivity
Competitiveness
Trans-Pacific Partnership - Pros
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• TPP is seen as a mechanism to counter Chinese economic marathon
• United States is expected to benefit the most since the senate predicts more than $100Bn every year profits due to the TPP
• It is seen as a boon to removal of thousands of tariffs among the participant countries
Trans-Pacific Partnership - Cons
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• Many countries, groups and services have expressed seriousconcerns about intellectual property laws and patentenforcement
• The deal might even empower foreign corporations to skirtdomestic courts and directly challenge health, environmentaland other public interest policies before extrajudicial foreigntribunals. Adverse consequences feared on democracies due tothis
Trans-Pacific Partnership - Cons
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• Only bigger firms can benefit and the trade deal puts thenegotiating powers in the hands of bigger players of economy.This is seldom seen to reach the smaller businesses
• Major criticism is due to sleeping period that the USgovernemnt called as 90 days review period which didn't yieldmuch debate in the houses
• The US labour is purported to receive maximum benefits withTPP passage. Other countries might loose their edge
Trans-Pacific Partnership - Cons
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• Price for necessities like medicines might move up
• The capital would reap rewards far greater than labour since the labour benefits are small and might not impact every individual
• Sectors may be impacted due to prolonged intellectual property rights and influence of foreign organisations might heed imbalance in daily governance