Historic Pacific trade deal faces skeptics in Congress
ATLANTA | By Krista Hughes and Kevin Krolicki
Twelve Pacific Rim countries on Monday reached the most ambitious trade pact in a generation, aiming to liberalize commerce in 40 percent of the world's economy in a deal that faces skepticism from U.S. lawmakers.
The Trans-Pacific Partnership (TPP) pact struck in Atlanta after marathon talks could reshape industries, change the cost of products from cheese to cancer treatments and have repercussions for drug companies and automakers.
Politically charged dairy farming issues were addressed in the final hours of talks, officials said. New Zealand, home to the world's biggest dairy exporter, Fonterra, wanted increased access to U.S., Canadian and Japanese markets.
New Zealand Prime Minister John Key said the deal would cut tariffs on 93 percent of New Zealand's exports to the United States, Japan, Canada, Mexico and Peru. “We’re disappointed there wasn’t agreement to eliminate all dairy tariffs but overall it’s a very good deal for New Zealand,” Key said.
The deal between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam also sets minimum standards on issues ranging from workers' rights to environmental protection.
Trade ministers said the TPP would be open to other countries in the future, including potentially China. ....more at linkhttp://www.reuters.com/article/2015/10/ ... me=topNews