Representatives of a dozen Pacific Rim nations, including the U.S., agreed in Atlanta on Monday to a sweeping trade deal that covers countries representing 40 percent of the global economy. But the deal will still have to go before a fractured Congress in the coming months for its say-so.
The accord, which could have profound ramifications for Georgia farmers and corporations that do business overseas, loosens tariffs and other trade restrictions, sets environmental standards and creates rules governing the intellectual property of major corporations. The Trans-Pacific Partnership, as the trade deal is known, has been negotiated for nearly eight years, and trade ministers have hunkered down in Atlanta for days to hash out a deal.
The Obama Administration has pushed for swift passage of the pact to help set the ground rules for closer relations between Pacific nations and as part of Washington’s foreign policy pivot to Asia.
The talks went into overtime as a deal had been expected over the weekend.
The trade talks have faced intense scrutiny from labor groups and many conservatives. It’s also caught the ire of environmental groups concerned that the trade pact would allow the interests of big business to trump environmental protections. Complaints about the talks have included the fact that they have been held in secret with few details available for public review.
“We think it helps define the rules of the road for the Asia-Pacific region,” said U.S. Trade Representative Michael Froman.
The pact covers trade between the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Japanese Prime Minister Shinzo Abe welcomed the basic agreement, according to the Associated Press, as “a farsighted policy for all participating countries that share the values and try to build a free and fair economic zone.”
The deal still has to be approved by the U.S. Congress, where opposition is widespread. President Obama has to wait 90 days after agreement before signing the pact, and only then will Congress begin to debate it.
As a result, a vote on the agreement likely will not happen until well into 2016. Given the political sensitivity of the deal, supporters of the agreement may push to hold the vote as far ahead of next year’s elections as possible. Congress can only give the deal an up-or-down vote; it can’t amend the agreement.
On Monday, business and political groups rushed to praise or deride the pact.
“Though we are waiting to examine the final details, our briefings at the Atlanta TPP round lead us to believe that U.S. negotiators were able to achieve a well-balanced and reasonable outcome for U.S. textile manufacturers and our partners within the Western Hemisphere,” National Council of Textile Organizations President Augustine Tantillo said in a release.
Others remain skeptical.
“We ask the Administration to release the text immediately, and urge legislators to exercise great caution in evaluating the TPP,” the AFL-CIO said in a statement. “As we’ve said, rushing through a bad deal will not bring economic stability to working families, nor will it bring confidence that our priorities count as much as those of global corporations.”
The Associated Press contributed to this report.
Read more about the Trans-Pacific Partnership later today at our premium website, www.MyAJC.com, or in the Tuesday print edition of The Atlanta Journal-Constitution.
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