The countries joining the partnership are: US, Canada, Mexico, Chile, Peru, Australia, Vietnam, Brunei, Singapore, New Zealand, Malaysia and Japan. The date marks the end of five years of often bitter and tense negotiations, bbc.com reports. Supporters say it could be worth billions of dollars to the countries involved but critics say it was negotiated in secret and is biased towards corporations.
Despite the success of the negotiations, the deal still has to be ratified by lawmakers in each country. President Barack Obama argued: This partnership levels the playing field for our farmers, ranchers, and manufacturers by eliminating more than 18,000 taxes that various countries put on our products., the source cites.
But US Senator Bernie Sanders, a US Democratic presidential candidate, said: Wall Street and other big corporations have won again., teh source cites. He said the deal would cost US jobs and hurt consumers and that he would do all that I can to defeat this agreement in Congress, the source cites.
China was not involved in the agreement, and the Obama administration is hoping it will be forced to accept most of the standards laid down by TPP. He said: When more than 95% of our potential customers live outside our borders, we cant let countries like China write the rules of the global economy. We should write those rules, opening new markets to American products while setting high standards for protecting workers and preserving our environment. the source cites.
Japanese Prime Minister Shinzo Abe told reporters the deal was a major outcome not just for Japan but also for the future of the Asia-Pacific region.
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