The United States and 11 other Pacific Rim nations on Monday agreed to the largest regional trade accord in history, a potentially precedent-setting model for global commerce and worker standards that would tie together 40 percent of the world's economy, from Canada and Chile to Japan and Australia.I fear the worst, and hope for the best. Because I don't know what else to do, frankly.
The Trans-Pacific Partnership still faces months of debate in Congress and will inject a new flash point into both parties' presidential contests.
But the accord — a product of nearly eight years of negotiations, including five days of round-the-clock sessions here — is a potentially legacy-making achievement for President Obama, and the capstone for his foreign policy "pivot" toward closer relations with fast-growing eastern Asia, after years of American preoccupation with the Middle East and North Africa.
...The Pacific accord would phase out thousands of import tariffs as well as other barriers to international trade. It also would establish uniform rules on corporations' intellectual property, open the Internet even in communist Vietnam, and crack down on wildlife trafficking and environmental abuses.
...Its full 30-chapter text will not be available for perhaps a month, but labor unions, environmentalists, and liberal activists are poised to argue that the agreement favors big business over workers and environmental protection.
Posted by Melissa McEwan at Monday, October 05, 2015
I remain deeply dubious about what this will mean for US workers, but the Trans Pacific Partnership deal has been reached: