Article Date: 10/05/2015
Trans-Pacific Partnership negotiations have finally come to a close, however for Obama, approval from Congress within his last year as President could be a difficult task, especially because “bipartisan opposition was immediate.” For President Obama, TPP could be a legacy-making achievement as TPP is a collection of 12-countries, or two-fifths of the global economy. In addition, TPP is huge step toward his “pivot toward Asia” foreign policy.
“When more than 95 percent of our potential customers live outside our borders, we can’t let countries like China write the rules of the global economy,” Mr. Obama said in a statement. “We should write those rules, opening new markets to American products while setting high standards for protecting workers and preserving our environment.” — This statement will serve a huge argument booster with Congress.
As Republicans helped pass Obama’s Trade Promotion Authority and Trade Adjustment Assistance bill, Democratic votes will be necessary to pass TPP. However, Republicans are disappointed in Obama’s TPP negotiations regarding tobacco and pharmaceutical companies. That said, Congress will likely put up a lengthy fight, the opposite of what President Obama is hoping for.
What will come of the Trans-Pacific Partnership? Will Congress stop is from becoming law?
To read this article from the NY Times, please click the following link: http://www.nytimes.com/2015/10/06/business/trans-pacific-partnership-trade-deal-is-reached.html