Aside from Australia and the USA, the ambitious Trans-Pacific Partnership (TPP) includes 10 other Pacific Rim nations: Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam Brunei and Japan. These signatories have a collective population of about 800 million – almost double that of the European Union’s single market, and the 12-nation would-be bloc is already responsible for 40% of world trade. The deal would eliminate or reduce tariffs and other restrictive trade policies from most services, agricultural products and industrial goods.
Here in Australia it may be defeated in the Senate. The Greens are against it, as is the Xenophon Party. Labor officially supports it, but not so the CMFEU. The LNP are committed to it.
President Barack Obama and Democratic vice presidential nominee Tim Kaine are for it, while Hillary Clinton, who helped negotiate the deal, has now turned against it. Bernie Sanders used the Democratic Party convention to express his opposition to it. Republican nominee Donald Trump has denounced the TPP, declaring it a sop to China, even though China isn’t included in the agreement.
Overall, the odds of it being implemented this year have considerably worsened this week.
