Will TPP Boost America’s Economy?
With a mission to “rebalance” America’s international engagement and to boost America’s economy, the United States of America today underscored the importance of the Trans-Pacific Partnership.
In his remarks in Washington DC, US Asssitant Secretary Daniel R. Russel said the Trans-Pacific Partnership is the economic component and the crown jewel of the rebalance.
The Trans-Pacific Parnership or the TPP is a free trade agreement currently being negotiated by nine countries – the United States, Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, and Vietnam.
TPP Worth Fighting For
According to Mr. Russel, President Barack Obama wanted the TPP, but most importantly wanted wanted it “good.”
“That’s why it took time. It was worth waiting for. It was worth fighting for.” – Mr. Russel
Mr. Russel reiterated that the TPP is an economic component and also for broader strategic reasons.
The TPP is said to anchor US to a region that is vital to its security and its national well-being.
Why TPP is Important to United States?
Mr. Russel answered this question by saying that countries in the Asia-Pacific region want what the US has, and that is innovation, entrepreneurship, intellectual property rights, an open Internet, an information economy, environmental standards, good governance, labor rights, collective bargaining, transparency, fairness, opportunity and resilience.
And the most apparent effect, Mr. Russel says, is that TPP has a magnetic effect.
“There’s a reason that a number of countries have said, “We’re going to want in on TPP.” – Mr. Russel
Mr. Russel highlighted that TPP is a a cutting-edge agreement championed by a nation, the US, that other countries trust and emulate.
In addition, TPP strengthens the “rules-based order,” and that’s not just a catch-phrase.
TPP embodies the practical application of the principle of fairness which is central to the security and stability that US and the nations around the Pacific Rim all need.
Trans-Pacific Partnership Trade Agreement: More Opportunity For Economic Engagement
The US asserts that the Trans-Pacific Partnership trade agreement or TPP will allow 12 participating countries – which account for almost 40 percent of the world’s GDP – to trade and invest more freely, openly, and competitively in each other’s markets.
If successfully concluded, the TPP will allow both US and countries to open many more doors to economic opportunity.
In addition, it will allow commerce to flow across a dozen borders without government protectionism and other barriers.
Also, the TPP will set high standards for labor and the environment that will lay down a marker for the world.
What About Benefits?
Other benefits of TPP include promoting a free and open internet, protecting intellectual property rights, and clarifying regulations so that more businessmen and women can explore new markets and grow their businesses.
Finally, the TPP will help other nations attract greater investment, achieve more regional integration and, by extension, help build greater security across the Asia-Pacific.