THE TTALK QUOTES 

On Global Trade & Investment

 

Published Three Times a Week By

The Global Business Dialogue, Inc.

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No. 75 of  2015

FRIDAY, NOVEMBER 6, 2015

Filed from Portland, Oregon

Click here for Tuesday's quote on science, sushi, and trade.
A TPP: PART OF A LETTER

"Dear Mr. Speaker .... I am pleased to notify the Congress of my intention to enter into a free trade agreement, known as the Trans-Pacific Partnership (TPP) Agreement."

Barack Obama
November 5, 2015
CONTEXT
With that letter to the Speaker of the House and the President of the Senate, President Obama declared his intention of signing the TPP agreement, presumably next February, though it could be later.  At the same time the Obama Administration published the full text of the agreement, together with side letters and other related documents.

In his statement on the TPP Agreement-we'll call it TPPA from now on-U.S. Trade Representative Michael Froman described the new TPPA as "a high standards agreement which supports more well-paying American jobs, strengthens our middle class, and advances both our interests and our values abroad."

"First and foremost," Ambassador Froman said, "TPP will position Americans to compete and win in tomorrow's global economy." He also highlighted the contributions the TPPA will make to strengthening labor rights and environmental protections throughout the TPP region.

Now, of course, it is up to Congress to decide whether the TPP Agreement becomes law or passes into history as a monumental failure.  Ambassador Froman spoke yesterday of the consequences of failure as well as the benefits he believes would flow from Congressional approval of the TPPA.  He said:

"I would encourage everyone to take a moment to consider the costs of not moving forward with this agreement.  U.S. leadership in writing the rules of the road for trade in the Asia-Pacific region is critical.  After all, this isn't everyone's approach to trade.  Other countries, such as China, are already moving forward with deals that don't reflect our interests and our values.   Failure to pass TPP would come at a high price here at home: jobs lost, wages cut, and opportunity squandered."  (Emphasis added.)


COMMENT
We haven't counted them, but reportedly the TPP agreement is some 1,500 pages long.  And it is a legal document.  In other words, many of those pages will almost certainly require three or four more pages of explanation in order to be properly understood.  In the circumstances, it is not surprising that so many of the people - especially among TPP's potential supporters - have said they need more time to study the document.  Opponents, by and large, have not made the same plea for more time.  Public Citizen, for example, put out a release yesterday with the headline "It's worse than we thought."  As one wry analyst commented, "Fast readers there at Public Citizen."

In fairness, although there is a lot of new material to digest, a fair number of people have had a fair idea of what was coming for a while, especially in the areas they particularly care about.

That is not to say that there isn't a lot of new material to highlight, analyze, and comment on.  There is, but that is for later, at least for us.  This entry is simply our way of taking note of the fact that the deal is done and the text is out.  

For the Brits, the lines "Remember, remember/ The 5th of November" refer to Guy Fawkes Day and the Gunpowder Plot of 1605.  In the Asia Pacific Region they might henceforth identify, perhaps more positively, Document Day for the Trans-Pacific Partnership Agreement.  In any case, there are more fireworks ahead. 
SOURCES & LINKS
A Notification Letter takes you to the text of President Obama's November 5th letter to the Speaker of the House and the President of the Senate, which was the source for today's quote.

A High Standards Agreement is a link to Ambassador Froman's remarks on the release of the TPPA text. 

Worse Than We Thought is the statement on the TPPA issued yesterday by Public Citizen.

The Agreement takes to you to the agreement and related materials as they appear on the White House website.  New Zealand is the depository for TPPA documents, and
  
Depository Site is a link to the agreement as it appears there. 

 

 

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