The article publishes by the Wall Street Journal on 30th April 2015 (http://blogs.wsj.com/briefly/2015/04/30/trans-pacific-partnership-at-a-glance/) summarizes the TPP deal and all its pros and cons.
It talks about the ten major things about the TPP. They are as follows:
- Japan and US are the main economies of this deal: The other nations are included to represent 40 % of the GDP
- China is not included : The US wants to write its own rules for trade domestically so that China will not impose its own system.
- Tariffs and Quotas would be reduced: US is hoping Japan will open up its highly restricted agricultural markets in exchange for the U.S. cutting tariffs on cars and auto parts.
- Lots of Rules and some controversial : Officials are looking to goose trade and foreign investment in other ways, including through strong intellectual property protections on everything.
- Cannot shake the US economy: U.S. exports, especially agriculture, will become more competitive, and other key industries such as high-tech services and finance could get a boost.
- Could boost US output by 0.4% : Prediction has estimated a lift to GDP of 0.4% by 2025.
- Fast track needed to get it passed
- Auto Industry is upset: Some worry about U.S. tariffs on Japanese cars and parts disappearing, but most are insisting that the agreement include a mechanism to prevent Japan and other countries from manipulating their currencies.
- Unions are upset: Unions say the deal will give companies opportunity to outsource jobs and production to countries such as Vietnam that have lower wages and standards.
- No one knows when it will be completed.
For more information, Go through the link for the article provided.