{"id":7583,"date":"2015-10-08T04:37:08","date_gmt":"2015-10-08T08:37:08","guid":{"rendered":"http:\/\/www.journals.law.harvard.edu\/ilj\/?p=7583"},"modified":"2015-10-08T04:37:08","modified_gmt":"2015-10-08T08:37:08","slug":"trans-pacific-partnership-historic-final-deal-reached","status":"publish","type":"post","link":"https:\/\/journals.law.harvard.edu\/ilj\/2015\/10\/trans-pacific-partnership-historic-final-deal-reached\/","title":{"rendered":"Trans Pacific Partnership: Historic Final Deal Reached"},"content":{"rendered":"

After more than five years of talks, representatives from 12 Pacific Rim countries<\/em><\/a> finalized a deal on the Trans-Pacific Partnership (TPP), the deepest and most important multilateral trade deal in years. The trade pact aims to liberalize commerce and investment between the countries, which account for nearly 40 percent of the world\u2019s economy. If the TPP realizes its ambition to \u201cdefine the rules of the road,\u201d<\/em><\/a> it could prove to significantly reshape various industries globally.<\/p>\n

Representatives settled the remaining tough issues over late-night discussions last weekend, in the final round of closed negotiations in Atlanta. One of the issues negotiated requires cars and trucks to contain 45 percent TPP member-origin content to benefit from tariff cuts<\/em><\/a> under the deal. However, the agreement takes a more complex approach for auto parts and components, with required TPP member-origin content ranging from 35 to 45 percent. Meanwhile, the U.S. secured a 25-year tariff phase-out<\/em><\/a> for Japanese autos and a 30-year phase-out for trucks. However, hard as it is to dismantle tariffs and increase access to foreign markets, one of the treaty\u2019s most touted features is the minimum standards it establishes for the protection of intellectual property, workers, and the environment. The complete text<\/em><\/a> of the TPP will be available for public release after the technical work, including legal review, translation, drafting, and verification as expressed by the joint statement<\/a><\/em> from the trade representatives.<\/p>\n

Some of the negotiators\u2019 leaders will be particularly pleased to see the deal completed against the backdrop of presidential campaigns in their countries. President Barack Obama<\/em><\/a> views the TPP as a capstone both for his economic agenda of expanding exports and for his foreign policy \u201cpivot\u201d towards Asia. For Shinzo Abe<\/a><\/em>, Japan\u2019s prime minister, the TPP promises to not only help Japan\u2019s economic revitalization, but also form a \u201ccoalition of the willing\u201d to set the next generation of trade rules before China fully dominates the arena.<\/p>\n

Nevertheless, the conclusion of the TPP is merely \u201can important first step,\u201d as U.S. trade representative Michael B. Froman remarked<\/em><\/a>, for the deal still needs to be approved by lawmakers in the 12 participating countries. And many lawmakers are likely to resist the changes included in the new agreement. For example, the TPP is expected to shake up Japan\u2019s agricultural sector<\/em><\/a> due to its agricultural liberalization provisions. Moreover, both Canadian auto manufacturers<\/em><\/a> and dairy farmers<\/em><\/a> may protest the jobs and revenue lost from diminished state protection. The TPP\u2019s fate in the U.S. Congress<\/em><\/a> is also highly uncertain given the threats it poses to manufacturing jobs, safe food, and affordable medicines and the narrow margin by which the Trade Promotion Authority passed<\/em><\/a>.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After more than five years of talks, representatives from 12 Pacific Rim countries finalized a deal on the Trans-Pacific Partnership 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