This morning, the U.S. Trade Representative’s office published the full text of the Trans-Pacific Partnership setting up intense discussions in Congress about the agreement’s provisions on intellectual property, agriculture, labor, and many other areas. The 12-nation agreement consists of 30 chapters focusing on various issues and is now available for public viewing. For more information on the release visit this article.
The Office of the United States Trade Representative outlines the five defining features of the TPP agreement including:
- Comprehensive market access: The TPP eliminates or reduces tariff and non-tariff barriers across substantially all trade in goods and services and covers the full spectrum of trade, including goods and services trade and investment, so as to create new opportunities and benefits for our businesses, workers, and consumers.
- Regional approach to commitments: The TPP facilitates the development of production and supply chains, and seamless trade, enhancing efficiency and supporting our goal of creating and supporting jobs, raising living standards, enhancing conservation efforts, and facilitating cross-border integration, as well as opening domestic markets.
- Addressing new trade challenges: The TPP promotes innovation, productivity, and competitiveness by addressing new issues, including the development of the digital economy, and the role of state-owned enterprises in the global economy.
- Inclusive trade: The TPP includes new elements that seek to ensure that economies at all levels of development and businesses of all sizes can benefit from trade. It includes commitments to help small- and medium-sized businesses understand the Agreement, take advantage of its opportunities, and bring their unique challenges to the attention of the TPP governments
- Platform or regional integration: The TPP is intended as a platform for regional economic integration and designed to include additional economies across the Asia-Pacific region.
The full text of the TPP can also be found on the United States Trade Representative website.