Final negotiations for the most important international trade deal of the century have just hit a snag. Earlier this month, officials from a dozen major and emerging economies, including the United States, Japan, and Malaysia, descended on Honolulu, Hawaii, to hammer out the key remaining details of the Trans-Pacific Partnership. Over half a decade in the making, the TPP will streamline commercial channels throughout the Asia-Pacific region, binding countries with a combined annual economic output of $28 trillion, or roughly 40 percent of the total global GDP.
These most recent talks did not exactly go as planned. Negotiators hit an impasse and broke off discussions early. One of the key points of contention was the strength of intellectual property statutes governing advanced pharmaceutical drugs. Australia, one of the most influential TPP partner nations, is calling for weakened protections — and America is leading the charge for strong ones.
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