Negotiators for 12 Pacific Rim nations—the USA, Japan, Canada, Mexico, Australia, New Zealand, Vietnam, Brunei, Malaysia, Singapore, Peru and Chile—have finalized a Trans Pacific Partnership agreement.
Now it remains to be seen if the legislative bodies of these nations will ratify the agreement. President Obama has persuaded Congress to adopt a fast-track procedure for the decision-making process, which means that it will have three months from the time the lengthy and complicated text is submitted to vote it up or down.
My understanding is that if only two nations ratify the agreement—say, the USA and Vietnam—it will be binding on those two. Even if legislative bodies of major nations such as Japan, Canada or Australia reject the TPP, it won’t matter to Americans if the U.S. Congress approves it.
I don’t know the specifics of what’s been agreed to, but the leaked preliminary versions of the agreement show that it is a corporate wish list to be given the force of international law. The TPP undermines national sovereignty and overrides democracy.
TPP Finalized by David Nakamura for The Washington Post. (Hat tip to my expatriate e-mail pen pal Jack)
Trans-Pacific trade deal faces test in US Congress by Agence France Presse.
Sanders Condemns ‘Disastrous’ TPP as Ministers Seal Deal for Corporate Elite by Lauren McCauley for Common Dreams.
Can Donald Trump Sink the TPP? by Kevin Drum for Mother Jones.