Trans-Pacific free trade deal agreed creating vast partnership

The Trans-Pacific Partnership (TPP) will create a new economic bloc with reducedtrade barriers between the 12 nations involved.

The deal was signed after five days of talks in Atlanta in the US but has been under negotiation for five years.

It was delayed repeatedly by negotiations over drug patents.

The other countries included in the TPP are Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

Biotech dispute

“It is a major outcome not just for Japan but also for the future of the Asia-Pacific,” Japanese Prime Minister Shinzo Abe told reporters.

The deal is expected to be announced officially later on Monday, after which it will have to be ratified by the individual countries involved.

If approved, the agreement has the potential to influence trade in everything from dairy produce to cancer treatments.

Supporters say the deal could be worth billions of dollars to the countries involved but critics say it was negotiated in secret and is biased towards corporations.

The final round of talks in Atlanta were delayed by negotiations over how long a monopoly period should be allowed on next-generation biotech drugs.

The US had sought 12 years of protection to encourage pharmaceutical companies to invest in expensive biological treatments.

Australia, New Zealand and public health groups had sought a period of five years to bring down drug costs and the burden on state-subsidized medical programs.

The US, Japan and 10 other Pacific rim countries have signed a controversial and sweeping trade agreement that covers about 40% of the world economy.

The Trans-Pacific Partnership (TPP) will create a new economic bloc with reducedtrade barriers between the 12 nations involved.

The deal was signed after five days of talks in Atlanta in the US but has been under negotiation for five years.

It was delayed repeatedly by negotiations over drug patents.

The other countries included in the TPP are Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

Biotech dispute

“It is a major outcome not just for Japan but also for the future of the Asia-Pacific,” Japanese Prime Minister Shinzo Abe told reporters.

The deal is expected to be announced officially later on Monday, after which it will have to be ratified by the individual countries involved.

If approved, the agreement has the potential to influence trade in everything from dairy produce to cancer treatments.

Supporters say the deal could be worth billions of dollars to the countries involved but critics say it was negotiated in secret and is biased towards corporations.

The final round of talks in Atlanta were delayed by negotiations over how long a monopoly period should be allowed on next-generation biotech drugs.

The US had sought 12 years of protection to encourage pharmaceutical companies to invest in expensive biological treatments.

Australia, New Zealand and public health groups had sought a period of five years to bring down drug costs and the burden on state-subsidized medical programs.





 

Leave a Reply

error: Content is protected !!