The US Congress has handed President Barack Obama a major victory on trade, with the Senate approving “fast track” negotiating authority on trade.
Approval of fast track boosts Obama’s hopes for a 12-nation TransPacific Partnership (TPP) agreement that is essential to his effort to expand U.S. influence in Asia.
New Zealand could be disadvantaged by a tougher stance from United States trade negotiators over the Trans-Pacific Partnership (TPP) agreement, an Auckland University academic says.
Jane Kelsey, a vocal critic of the TPP is predicting that, “in return for their support for a fast-tracking bill”, Republicans would seek to extract “their pound of flesh on behalf of their corporate sponsors and local constituencies”.
That could lead to “even more intense pressure to deliver to ‘Big Pharma’, demands for more radical restrictions on state-owned companies, and renewed pressure to include rules against so-called currency manipulation”, she said.
Kelsey predicted the trade negotiations would contain “nothing of substance” for New Zealand’s dairy industry.
In April the Anglican and Catholic bishops of Aotearoa New Zealand wrote to the Government asking for more transparency concerning the Trans-Pacific Partnership currently being negotiated, so that New Zealanders can better evaluate its implications.
The bishops acknowledge the right and duty of any New Zealand government to promote our country’s trading opportunities and are mindful that the well-being of New Zealanders depends on economic growth.
Reuters reported that the TPP agreement was “a potential legacy-defining agreement for Obama” that would open markets for US exporters such as Intel and extend monopoly periods for drug-makers such as Pfizer.
Negotiating parties include United States, Australia, New Zealand, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore and Vietnam.
These nations represent 40 per cent of the world economy.
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Additional reading- Leaked NZ paper reveals rift with US on intellectual property in trade agreement
- 15 good reasons to oppose the TPP
- Why Americans Are Turning Against Free Trade
- Current TPP offer not good enough - DCANZ
News category: New Zealand.
