Trump”Make America Great again” US officially withdrew from TPP agreement
contributed by Kok Sap
First full day as President, Mr Trump just killed TPP today,January 23,2017. This snow ball effect which will,in fact, impact other trade agreement that US made with its neighbors during President Clinton administration. As promised, President signed the withdrawal today. Thus it currently can not be ratified due to U.S. withdrawal from the agreement today.
The Trans-Pacific Partnership (TPP) or Trans Pacific Partnership Agreement (TPPA) is a trade agreement among eleven of the Pacific Rim countries—notably not including China. The finalized proposal was signed on 4 February 2016 in Auckland, New Zealand, concluding seven years of negotiations.
(The former Obama administration claimed that the agreement aimed to “promote economic growth; support the creation and retention of jobs; enhance innovation, productivity and competitiveness; raise living standards; reduce poverty in the signatories’ countries; and promote transparency, good governance, and enhanced labor and environmental protections.)
” The TPP contains measures to lower both non-tariff and tariff barriers to trade and establish an investor -state dispute settlement or investment court system is a system through which individual companies can sue countries for alleged discriminatory practices.”