trans-pacific partnership: the deal, projections and impact
TRANSCRIPT
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Trans-Pacific Partnership
The Trade Deal
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Trans-Pacific Partnership
FrontalRain Technologies Pvt Ltd.
• Trans-Pacific Partnership (TPP) is a Trade agreement influencing the economic policy that includes 12 Pacific rim countries namely, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States
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Trans-Pacific Partnership
FrontalRain Technologies Pvt Ltd.
Brunei
New Zealand
2005
2008MalaysiaAustralia
Canada
Japan
United States
Vietnam
Trans-Pacific Strategic Economic Partnership
Agreement
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FrontalRain Technologies Pvt Ltd.
Constitute40% of World
Economy
www.cbc.ca
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Elements that prolonged TPP
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Agriculture
Intellectual Porperty
Services
Investment
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Trans-Pacific Partnership
FrontalRain Technologies Pvt Ltd.
• Current trade agreements (Example: North American Free Trade Agreement) will be reduced to the terms in accordance with TPP or negotiated to liberal terms than TPP
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Ratification required to bring TPP
FrontalRain Technologies Pvt Ltd.
TPP enters into force 60 days post ratification by all the participant countries
OR
Within 2 years
– If at least 6 participant countries ratify it
AND
– Those 6 countries account for 85% of the combined GDP of all participant countries
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FrontalRain Technologies Pvt Ltd.
Here's the key ratifier without which the deal cannot come into force
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Transparency
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Influences Economic Policy
Labour
Environment
PovertyEnhance
Promote
Trans-Pacific Partnership - Pros
Labour
Environment
Economic growth
Jobs-Creation & Retention
Labour
Environment
Innovation
Productivity
Trans-Pacific Partnership
12 Pacific rim countries
Competitiveness
Living Standards
Good Governance
Innovation
Productivity
Competitiveness
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Trans-Pacific Partnership - Pros
FrontalRain Technologies Pvt Ltd.
• TPP is seen as a mechanism to counter Chinese economic marathon
• United States is expected to benefit the most since the senate predicts more than $100Bn every year profits due to the TPP
• It is seen as a boon to removal of thousands of tariffs among the participant countries
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Trans-Pacific Partnership - Cons
FrontalRain Technologies Pvt Ltd.
• Many countries, groups and services have expressed seriousconcerns about intellectual property laws and patentenforcement
• The deal might even empower foreign corporations to skirtdomestic courts and directly challenge health, environmentaland other public interest policies before extrajudicial foreigntribunals. Adverse consequences feared on democracies due tothis
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Trans-Pacific Partnership - Cons
FrontalRain Technologies Pvt Ltd.
• Only bigger firms can benefit and the trade deal puts thenegotiating powers in the hands of bigger players of economy.This is seldom seen to reach the smaller businesses
• Major criticism is due to sleeping period that the USgovernemnt called as 90 days review period which didn't yieldmuch debate in the houses
• The US labour is purported to receive maximum benefits withTPP passage. Other countries might loose their edge
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Trans-Pacific Partnership - Cons
FrontalRain Technologies Pvt Ltd.
• Price for necessities like medicines might move up
• The capital would reap rewards far greater than labour since the labour benefits are small and might not impact every individual
• Sectors may be impacted due to prolonged intellectual property rights and influence of foreign organisations might heed imbalance in daily governance