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Trans-Pacific Partnership: The biggest trade deal youve never heard of
Key Excerpts from Article on Website of Salon.com
Posted: June 4th, 2013
http://www.salon.com/2012/10/23/everything_you_wanted_to_kno...
A huge but little-known trade agreement could transform America's foreign relations. The Trans-Pacific Partnership [could] be the most significant foreign and domestic policy initiative of the Obama administration. More than any other policy, the trends the TPP represents could restructure American foreign relations, and potentially the economy itself. On the core question of these trade agreements, the parties basically agree. The Trans-Pacific Partnership ... would be the largest one since the 1995 World Trade Organization. It would link Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, Mexico and Canada into a free trade zone similar to that of NAFTA. The subject matter being negotiated extends far beyond traditional trade matters. TPPs 29 chapters would set binding rules on everything from service-sector regulation, investment, patents and copyrights, government procurement, financial regulation, and labor and environmental standards, as well as trade in industrial goods and agriculture. As with other such agreements, Congress must vote to approve it, most likely under a Fast Track provision that prohibits any amendments and limits debate. The public has no access to the text [of the agreement]. Congress has extremely limited access. Trade, though constitutionally a congressional prerogative, is now firmly in the hands of the executive branch. And trade negotiations have become a venue for rewriting wide swaths of domestic non-trade policy traditionally determined by Congress and state legislatures.
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