What the Canada-EU Deal Means for the Future of Trade
by Alan Wolff, Fortune
November 2, 2016, 12:15 PM EDT
All of the factors that drove Europe to conclude this agreement provide insights for current trade challenges in the U.S. President Obama is trying to get Congress to approve just after the presidential election the Trans-Pacific Partnership (TPP) agreement, which would join the U.S. and 11 Asia-Pacific countries in a pact encompassing 40% of the world economy. Now is the time to resolve as many specific congressional objections to the deal as possible. It is impossible to renegotiate the TPP in the time available, so as with the last-minute negotiations between the EU and Belgium, both the administration and Congress will need to be pragmatic and come to an agreement quickly on outstanding issues.
For the U.S., the TPP is not just about stimulating U.S. and trans-Pacific economic growth. The Obama administration and congressional leaders share the view that the U.S. national interest will be seriously undermined if the U.S. abandons setting trade rules and permits others to fill the vacuum by setting lower standards.
Moreover, if the U.S. cannot get the TPP approved by Congress, negotiating an additional trade agreement with Europe (the Transatlantic Trade and Investment Partnership, or TTIP), as well as signing up South Korea, Indonesia, Thailand, Colombia, and other countries that have expressed interest to the TPP agreement, will not be possible.
“It is impossible to renegotiate the TPP in the time available.”
What time? I mean if it’s a good deal the benefits should be obvious and persistent. Why the urgency of this particular moment?
Oh, that’s right, it’s a bad deal with meaningless or negative economic benefits to the United States people, one that sucks away jobs and makes regulating the power of Monopolistic Global Mega-Corporations impossible and the only way to un-democratically force it through is by the actions of Legislators who are unaccountable to voters.
That’s why.
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Vent Hole