TPP Trade deal reached between US and 11 other countries
- 9 years ago
ATLANTA-- Trade ministers from 12 countries announced the largest free trade deal in a generation on Monday in Atlanta.
The Trans-Pacific Partnership (TPP) trade deal started with an agreement signed in 2006 between Brunei, Chile, New Zealand and Singapore.
It then expanded to 12 countries, including the US and Japan, which have a population of about 800 million and are responsible for 40% of world trade, BBC reported.
The agreement will impact a vast array of business sectors including agriculture, automotive, pharmaceuticals and environmental.
According to the Guardian, besides eliminating or reducing over 98 percent of tariffs across a range of sectors, it will also allow foreign companies to sue governments if they feel their profits are affected.
For instance, a tobacco company such as the Philips Morris would be able to sue a country for unappealing or image-damaging packaging.
Critics of the trade deal say that negotiations have been dealt mostly in secret and that it gives corporations too much power.
Agriculture also proved to be another sticking point with countries like New Zealand wanting more access to markets in Canada, Mexico, Japan and the United States.
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The Trans-Pacific Partnership (TPP) trade deal started with an agreement signed in 2006 between Brunei, Chile, New Zealand and Singapore.
It then expanded to 12 countries, including the US and Japan, which have a population of about 800 million and are responsible for 40% of world trade, BBC reported.
The agreement will impact a vast array of business sectors including agriculture, automotive, pharmaceuticals and environmental.
According to the Guardian, besides eliminating or reducing over 98 percent of tariffs across a range of sectors, it will also allow foreign companies to sue governments if they feel their profits are affected.
For instance, a tobacco company such as the Philips Morris would be able to sue a country for unappealing or image-damaging packaging.
Critics of the trade deal say that negotiations have been dealt mostly in secret and that it gives corporations too much power.
Agriculture also proved to be another sticking point with countries like New Zealand wanting more access to markets in Canada, Mexico, Japan and the United States.
-------------------------------------------------------------
Welcome to TomoNews, where we animate the most entertaining news on the internets. Come here for an animated look at viral headlines, US news, celebrity gossip, salacious scandals, dumb criminals and much more! Subscribe now for daily news animations that will knock your socks off.
Visit our official website for all the latest, uncensored videos: http://us.tomonews.net
Check out our Android app: http://bit.ly/1rddhCj
Check out our iOS app: http://bit.ly/1gO3z1f
Get top stories delivered to your inbox everyday: http://bit.ly/tomo-newsletter
Stay connected with us here:
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Twitter @tomonewsus http://www.twitter.com/TomoNewsUS
Google+ http://plus.google.com/+TomoNewsUS/
Instagram @tomonewsus http://instagram.com/tomonewsus