Trans-Pacific Partnership agreement signed

Trans-Pacific Partnership (TPP) is a free trade agreement involving 12 nations connected by the Pacific Ocean.The countries involved are New Zealand, Australia, Canada, United States, Mexico, Japan, Malaysia, Brunei, Vietnam, Singapore, Peru and Chile. The agreement is designed to free up trade and investment between the countries.After years of negotiations, mainly around the secrecy of the deal and the lack of public consultation, the document has been signed in New Zealand less than an hour ago.Been watching telly and commentators argues that the TPP, a deal which will cover 40 percent of the world economy, has already taken five years of negotiations to reach today's signing stage but faces hurdles ahead.The signing is "an important step" but the agreement "is still just a piece of paper, or rather over 16,000 pieces of paper until it actually comes into force," said New Zealand Prime Minister John Key at the ceremony in Auckland.The TPP will now undergo a two year ratification period in which at least six countries that account for 85 percent of the combined gross domestic production of the 12 TPP nations  must approve the final text for the deal to be implemented.There is wide spread grassroots opposition to the TPP in many countries. Opponents have criticised the secrecy surrounding TPP talks, raised concerns about reduced access to things like affordable medicines, and a clause which allows foreign investors the right to sue if they feel their profits have been impacted by a law or policy in the host country.
Community groups, including public health advocates and unions, are urging parliamentarians in various TPP countries not to rush to approve the deal, which they say should be referred to the Productivity Commission for an independent assessment.They hold serious concerns about the TPP's "investor-state dispute settlement" clause , which allows companies to sue governments over laws which hurt their commercial interests.Andrew Robb, Australian Minister for Trade and Investment, was the first leader to sign the agreement.He was followed by Brunei's Lim Jock Seng, Canada's Chrystia Freeland, Chile's Heraldo Munoz, Japan's Shuichi Takatori, Malaysia's Mustapa Mohamed, Mexico's Illdefonso Guajardo, Peru's Magali Silva, Singapore's Lim Hng Kiang, the United States' Michael Froman, and Vietnam's Vu Huy Hoang. Todd McClay of New Zealand was the last of the dignitaries to sign the agreement.McClay said on behalf of all ministers involved that they were "pleased to announce we have today signed the Trans Pacific Partnership Agreement"."It sets a new standard of trade and investment in one of the world's fastest growing and dynamic regions."The goal was to enhance shared prosperity, promote jobs and provide sustainable economic development.Chief negotiators have been asked to do some work and report back before TPPA countries consider other nations joining, he said.

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