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Thread: TPP trade pact signed

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    Former Staff Senior Contributor Ironduke's Avatar
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    TPP trade pact signed

    Good for them.

    Asia-Pacific trade deal signed by 11 nations

    Eleven Asia-Pacific countries have just signed the trade pact formerly known as the Trans-Pacific Partnership.

    Although the US pulled out last year, the deal was salvaged by the remaining members, who signed it at a ceremony in the Chilean city of Santiago.

    Chilean foreign minister Heraldo Munoz said the agreement was a strong signal "against protectionist pressures, in favour of a world open to trade".

    The deal covers a market of nearly 500 million people, despite the US pullout.

    In the absence of the US, it has been renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

    Extraneous adjectives aside, its supporters say it's hugely significant, and could be a model for future trade deals.

    What does it do?

    Its main purpose is to slash trade tariffs between member countries.

    But it also seeks to reduce so-called non-tariff measures, which create obstacles to trade through regulations.

    There are chapters which aim to harmonise these regulations, or at least make them transparent and fair.

    There are also commitments to enforce minimum labour and environmental standards.

    It also includes a controversial Investor-State Dispute Settlement mechanism, which allows companies to sue governments when they believe a change in law has affected their profits.

    Who's in it?

    In alphabetical order: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

    The US is conspicuously absent.

    President Donald Trump fulfilled an election promise by pulling out in January last year, labelling the deal a disaster for American workers.
    http://www.bbc.com/news/business-43326314

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    Senior Contributor SteveDaPirate's Avatar
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    Just a matter of time until China adds their name to the list where the US's should have been.

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    Former Staff Senior Contributor Ironduke's Avatar
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    Quote Originally Posted by SteveDaPirate View Post
    Just a matter of time until China adds their name to the list where the US's should have been.
    Hopefully these countries will practice forbearance (something we have unfortunately lost in our domestic politics) and await the next administration.

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    NPR was reporting Abe appears to have been the driving force in the TTP agreement, and made it open so the US could join in the future. I thouhgt TTP was to balance China.

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    Former Staff Senior Contributor Ironduke's Avatar
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    Quote Originally Posted by Dazed View Post
    NPR was reporting Abe appears to have been the driving force in the TTP agreement, and made it open so the US could join in the future. I thouhgt TTP was to balance China.
    It was. The economic part of Obama's pivot toward Asia. Unfortunately, the policies of the current administration, having refused to join the TPP and needlessly antagonizing allied and partner countries with these recent tariffs, regardless of whatever Trump's actual intentions may be, in execution they are for all practical purposes "China First" trade policies.

    Trump is kicking an own goal with these trade issues.
    Last edited by Ironduke; 08 Mar 18, at 23:40.

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    Quote Originally Posted by Ironduke View Post
    Hopefully these countries will practice forbearance (something we have unfortunately lost in our domestic politics) and await the next administration.
    Depends on how much the TPP members are willing concede in the future.

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    Senior Contributor DOR's Avatar
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    Quote Originally Posted by Skywatcher View Post
    Depends on how much the TPP members are willing concede in the future.
    “Concede.”
    Nice term.
    It implies that raising the cost of living, and the cost of doing business, in your own economy is some sort of virtue.
    It isn’t.
    It’s yet another tax that hurts the least well-off first and worst.

    No one ever shopped at Wal-Mart because they didn’t like the selection at Saks Fifth Avenue.
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    Quote Originally Posted by DOR View Post
    “Concede.”
    Nice term.
    It implies that raising the cost of living, and the cost of doing business, in your own economy is some sort of virtue.
    It isn’t.
    It’s yet another tax that hurts the least well-off first and worst.

    No one ever shopped at Wal-Mart because they didn’t like the selection at Saks Fifth Avenue.
    Bad choice of words on my part. I was wondering exactly how open the TPP current members would be willing to rewrite the IP and agricultural components for future US entry.

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    Senior Contributor DOR's Avatar
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    Quote Originally Posted by Skywatcher View Post
    Bad choice of words on my part. I was wondering exactly how open the TPP current members would be willing to rewrite the IP and agricultural components for future US entry.
    Given that the crux of the IP work was from the keyboards of US negotiators, I doubt the TPP members will want to make adjustments. As Mr Obama’s trade pros said, “TPP doesn’t exclude anyone, not even China. If they want to sign on to what’s been agreed, they’re welcome, too.”
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    Former Staff Senior Contributor Ironduke's Avatar
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    Quote Originally Posted by DOR View Post
    Given that the crux of the IP work was from the keyboards of US negotiators, I doubt the TPP members will want to make adjustments. As Mr Obama’s trade pros said, “TPP doesn’t exclude anyone, not even China. If they want to sign on to what’s been agreed, they’re welcome, too.”
    "TPP doesn't exclude anyone, not even China" - I'm being a bit Captain Obvious here, but just saying, it does exclude them. China would never be able to comply with any of the IP provisions, so an effective barrier exists that precludes them from ever joining.

    Again, we'll have to await the next administration on the matter of joining TPP, so hopefully our allies and partner countries will continue to practice forbearance (and I could be wrong, but it seems that's what they're doing).

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    Quote Originally Posted by Ironduke View Post
    "TPP doesn't exclude anyone, not even China" - I'm being a bit Captain Obvious here, but just saying, it does exclude them. China would never be able to comply with any of the IP provisions, so an effective barrier exists that precludes them from ever joining.

    Again, we'll have to await the next administration on the matter of joining TPP, so hopefully our allies and partner countries will continue to practice forbearance (and I could be wrong, but it seems that's what they're doing).
    If China signs on, in say, the mid 2020s, they'd probably have a pretty good chance of complying with IP provisions by then.

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    Senior Contributor DOR's Avatar
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    Quote Originally Posted by Ironduke View Post
    "TPP doesn't exclude anyone, not even China" - I'm being a bit Captain Obvious here, but just saying, it does exclude them. China would never be able to comply with any of the IP provisions, so an effective barrier exists that precludes them from ever joining.

    Again, we'll have to await the next administration on the matter of joining TPP, so hopefully our allies and partner countries will continue to practice forbearance (and I could be wrong, but it seems that's what they're doing).
    Exactly. It was written by the US to benefit the US with the intention of showing China the cost of continuing to abuse US IPR.
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    Quote Originally Posted by DOR View Post
    Exactly. It was written by the US to benefit the US with the intention of showing China the cost of continuing to abuse US IPR.
    How retroactive are the IPR provisions? Can't China just join when she doesn't have much IPs left to abuse?

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    Quote Originally Posted by hboGYT View Post
    How retroactive are the IPR provisions? Can't China just join when she doesn't have much IPs left to abuse?
    I'm not sure, but it certainly precludes India from joining, unless Modi dumps Make in India.

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