United States trade negotiators announced an historic trade deal with 11 other Pacific nations Monday.
Trade negotiators reached the historic deal in Atlanta between the U.S., Japan and 10 Pacific Rim nations. The Trans-Pacific Partnership agreement is expected to lower trade barriers and provide greater market access for U.S. exporters. “After more than five years of intensive negotiations, we have come to an agreement that will support jobs, drive sustainable growth, foster inclusive development and promote innovation across the Asia-Pacific region,” U.S. Trade Representative Michael Froman said in Atlanta on Monday morning.
“Most importantly, the agreement achieves the goal we set forth of an ambitious, comprehensive, high-standard and balanced agreement that will benefit our nation’s citizens,” he said.
But trade negotiators have announced success before, only to face criticism once the details come out. House Ways & Means Committee Chairman Paul Ryan, R-Wis., indicated that he would be reserving judgment on the deal until after he examines it.
“I look forward to reviewing the text closely to ensure it follows the objectives Congress laid out in passing Trade Promotion Authority,” he said. “TPP has the potential to increase American influence and provide access for American businesses to sell their products and services around the world. However, there are many complex issues involved in this agreement that require careful consideration to ensure that the outcome is beneficial for the U.S. economy and jobs.”
The deal resolves the issues of the TPP after nearly six years of talks. The agreement covers countries that account for 40 percent of the global economy, including countries like the U.S., Japan, Peru, Malaysia and Vietnam.
The deal also establishes rules, such as labor, environmental and e-commerce, for the nations involved.
President Obama is expected to send the deal to Congress early next year after trade negotiators spent four days past their deadline to get it done.
