U.S. trade associations praised the White House for reaching a deal Monday on the Trans-Pacific Partnership, a 12-nation trade agreement, but were more cautious about the deal, which lowers tariffs and other barriers among most Pacific Rim nations, conceding that they were not certain exactly what was in it.
“While we are still reviewing the full terms of the TPP, manufacturers are appreciative of the tireless work of U.S. Trade Representative Michael Froman and the entire U.S. negotiating team,” said Jay Timmons, president of the National Association of Manufacturers. “We look forward to examining all of the details of this agreement to assess whether it will significantly enhance manufacturers’ ability to grow and compete on a level playing field.”
The Business Roundtable, an association of chief executive officers of leading U.S. companies, was cautiously optimistic as well. Tom Linebarger, chairman of the group’s international engagement committee, also praised the Obama administration’s “tireless work” and said the group would be reviewing the results of the effort.
“While we don’t yet know all the details of today’s agreement, TPP holds the potential to help U.S. businesses, farmers and workers sell more goods and services to 11 countries in the Asia-Pacific region, which would support American jobs and U.S. economic growth,” Linebarger said.
The National Retail Federation argued the agreement could only benefit the economy as a whole once foreign markets are opened up for its members’ goods.
“International trade supports millions of jobs in the retail industry, and that number will only grow with passage of TPP. NRF looks forward to reviewing the final agreement with our members to identify the benefits for retailers and their customers,” spokesman David French said.
Not everyone was happy, though. The Pharmaceutical Research and Manufacturers of America had sought tighter rules to protect its members’ copyrights, arguing that provided the incentive to engage in expensive drug research. The industry had wanted 12 years of copyright protection for biologic pharmaceuticals, but foreign countries resisted and the final deal includes five years.
“We are disappointed that the ministers failed to secure 12 years of data protection for biologic medicines, which represent the next wave of innovation in our industry. This term was not a random number, but the result of a long debate in Congress, which determined that this period of time captured the appropriate balance,” group President John Castellani said.
The TPP would lower tariffs as well as create common standards for intellectual property, labor and state-owned enterprises for the U.S., Australia, New Zealand, Canada, Japan, Vietnam, Mexico, Chile, Brunei, Malaysia, Singapore and Peru. It would cover a region comprising 40 percent of the global GDP. It does not include China.
