The United States, Japan and ten other Pacific Rim nations have reached an agreement on the largest regional trade accord in history.
The TPP is a multilateral trade agreement and the 12 TPP members account for nearly 40 percent of the world GDP.
If the agreement is implemented, nearly 20,000 varieties of commodities will enjoy zero tariff treatment which will put some pressure on our foreign trade.
The text of the Trans-Pacific Partnership agreement, or TPP, became public less than two weeks ago and already political battle lines have been drawn. For the United States, it marks President Obama’s pivot to Asia that some have said is as much about geopolitics as it is about trade.
CCTV America’s Jessica Stone reports.
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For more on the Trans-Pacific Partnership agreement, CCTV America’s Anand Naidoo spoke to Ira Shapiro. He is the president of Ira Shapiro Global Strategies and the former chief U.S. trade negotiator.
A panel of guests from both sides joined The Heat to discuss the controversial deal:
- From Dallas, Bill Watson. He’s a trade policy analyst with the Cato Institute.
- From Cornell University, Steven Kyle. He’s an associate professor at the Dyson School of Applied Economics and Management.