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Closer Economy, Closer Policy
The domination of the global economy may have just shifted to the Asia-Pacific region. That’s because 12 countries, including the US and Japan, have signed on to a monumental trade deal known as the Trans-Pacific Partnership. And depending on who you believe, the agreement will bring prosperity and peace for all, or higher costs for drugs, an end to manufacturing in the US, while actually handicapping some developing countries.

Why is the TPP important?
The creation of the new economic bloc covers 40 percent of the global economy, and has a total export value of 5.6 TRILLION dollars. Some economists forecast that the TPP will boost global growth by nearly $300 billion a year. The TPP is seen as a way to establish the long-term security goals of the United States in the Asia-Pacific region.Some people have argued that America’s leadership in Asia depends not just on military strength, but also its ability to create wealth and well being.

Part of that prosperity and peace that is being talked about includes enforcing labour standards across the bloc. For example, Vietnam will have to allow independent unions for the first time in its history. And countries will get in trouble if the fail to crack down on things like trafficking endangered animals, or failing to enforce environmental laws. The TPP puts pressure on countries like China and India to finalise their own regional deals. And on the EU to conclude its Transatlantic Trade and Investment Partnership with the US.

Controversy on TPP
According to some trade unions in the US, past trade deals have been a DISASTER for American workers. There are concerns that the TPP will cost manufacturing jobs and actually WEAKEN environmental laws. It’s been described as what might be the final blow to manufacturing in America.

Then there’s the six signatories to the TTP that the UN describes as ‘developing countries’It’s been argued that the TPP’s trade requirements could actually threaten development in those countries because they can’t meet the standards.
In Healthcare, new rules in the pharmaceutical sector could also hurt developing countries because the TPP makes patent protection stronger and longer. This would lead to higher prices in the US and reducing access to medicine in developing countries. Some people have gone as far as saying the TPP will go down in history as the worst trade agreement when measured against access to medicines in developing countries.

What’s Next for TPP?
But it may still be a little too early to celebrate the deal. It still has to be signed by each country’s leader and ratified by their parliaments. And if it is, it will take many years before the economic benefits are felt. But for now, there’s no denying that the TPP has just taken a major step towards becoming the biggest trade agreement in the world. And that the consequences, whether good or bad, will definitely be far reaching.

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