TPP: What You Need to Know About One of the World’s Biggest Trade Deals
SputnikNews.com
05.10.2015
After more than six years of negotiations, trade ministers from 12 Pacific Rim countries have come to an agreement over the controversial Trans-Pacific Partnership (TPP) trade deal.
The deal, representing 40 percent of the global economy, will slash trade barriers and ensure a common set of standards are met among member countries Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the US.
Government and big business officials have praised the deal, however there has also been widespread opposition to the TPP, with trade unions and human rights activists concerned over the impacts it will have on local businesses and workers’ rights.
Here are some of the crucial things you need to know about the TPP.
1) It Is Very Much a ‘Political’ Trade Deal
While global leaders have preached about the trade and investment opportunities that come with the TPP, there is also a very strong political element underpinning it.
The TPP has been central to US President Barack Obama’s plans to counter China’s economic power in Asia and assert the US’ own influence in the region.
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