The Trans-Pacific Partnership Agreement and the U.S. Economy
The Trans-Pacific Partnership Agreement and the U.S. economy
Executive Summary -The Trans-Pacific Partnership Agreement is a free trade agreement initiated in 2005 and was joined by the U.S. in 2008 which proposes to liberalize trade in the Asia-Pacific region. -There is much concern over the Intellectual Property proposals put forth by the U.S. These proposals threaten to dial back public health safeguards set forth in the 2007 New Trade Deal of the Bush administration, increase prices of consumer goods, and restrict access to information on the internet. -There are 12 countries involved in negotiations, with China as an observer and considering entry. Overall, these countries make up about 40% of the world GDP and offer access to huge markets for the U.S. Nonetheless, the threat of losing jobs overseas, as with most FTAs, is cause for concern. -Past FTAs have resulted in an increase in U.S. trade deficit and a loss of jobs. However, analysis shows that American firms can benefit from these agreements as well with increased exports to new markets.
Brief History The Trans-Pacific Strategic Economic Partnership Agreement is a free trade agreement with the goal of liberalizing the borders and economies of the Asia-Pacific Region and was initiated in 2005 by Chile, New Zealand, Singapore, and later Brunei. Eight more countries have joined in the negotiations since 2008: the United States, Australia, Vietnam, Peru, Malaysia, Mexico, Japan, and Canada. China has also expressed interest in joining the agreement, but is not as of yet directly involved in negotiations. So far, the USTR has mentioned the agreement’s focus on the agricultural and automotive industries. These ongoing negotiations have been the cause of much controversy and criticism among government officials, advocacy groups, scholars, businesses, and the public due primarily to the secrecy of the negotiations, the threatening consequences of the Intellectual Property chapter to
Executive Summary -The Trans-Pacific Partnership Agreement is a free trade agreement initiated in 2005 and was joined by the U.S. in 2008 which proposes to liberalize trade in the Asia-Pacific region. -There is much concern over the Intellectual Property proposals put forth by the U.S. These proposals threaten to dial back public health safeguards set forth in the 2007 New Trade Deal of the Bush administration, increase prices of consumer goods, and restrict access to information on the internet. -There are 12 countries involved in negotiations, with China as an observer and considering entry. Overall, these countries make up about 40% of the world GDP and offer access to huge markets for the U.S. Nonetheless, the threat of losing jobs overseas, as with most FTAs, is cause for concern. -Past FTAs have resulted in an increase in U.S. trade deficit and a loss of jobs. However, analysis shows that American firms can benefit from these agreements as well with increased exports to new markets.
Brief History The Trans-Pacific Strategic Economic Partnership Agreement is a free trade agreement with the goal of liberalizing the borders and economies of the Asia-Pacific Region and was initiated in 2005 by Chile, New Zealand, Singapore, and later Brunei. Eight more countries have joined in the negotiations since 2008: the United States, Australia, Vietnam, Peru, Malaysia, Mexico, Japan, and Canada. China has also expressed interest in joining the agreement, but is not as of yet directly involved in negotiations. So far, the USTR has mentioned the agreement’s focus on the agricultural and automotive industries. These ongoing negotiations have been the cause of much controversy and criticism among government officials, advocacy groups, scholars, businesses, and the public due primarily to the secrecy of the negotiations, the threatening consequences of the Intellectual Property chapter to
Cited: 3. Flynn, Sean (May 9, 2012). "Law Professors Call for Trans-Pacific Partnership (TPP) Transparency". infojustice.org, a project of the Program on Information Justice and Intellectual Property at American University Washington College of Law. 5. Flynn, Sean; Kaminski, Margot E.; Baker, Brook K.; Koo, Jimmy H. (6 December 2011). Public Interest Analysis of the US TPP Proposal for an IP Chapter. Program on Information Justice and Intellectual Property 6 7. U.S. Trade Representative, 2012 Special 301 Report, http://www.ustr.gov/sites/default/files/2012%20Special%20301%20Report_0.pdf 8 9. Teslik, Lee Hudson. NAFTA’s Economic Impact. July 7, 2009. 10. Stoller, Matt. Trans-Pacific Partnership: The biggest trade deal you’ve never heard of. 23 October, 2012 11