Insiders say TPP new age on the way
Several nations have agreed that the Trans-Pacific Partnership Agreement “is going to be completed and it is going to set the economic architecture for the region,” according to acting deputy US Trade Representative, Wendy Cutler.
Cutler says all nations involved are verging on signing the document which contains far-reaching changes to international intellectual property and other trade laws.
Ms Cutler has described the most recent meeting of the soon-to-be signatories in Singapore as “successful”, sentiments echoed by Australian Trade minister Andrew Robb.
The countries negotiating the TPP currently are Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, US and Vietnam.
The TPP is being referred to as a “living agreement” which nations will actively encourage their neighbours to sign as well.
Among the TPP’s reported provisions are new laws for patenting genes, biological creations, species, viruses, video games rules and even mathematical processes.
The Obama administration shares Australia’s view that the TPP is a vital framework for setting the rules of engagement in a strange new business world.
Former US ambassador to Australia Jeff Bleich recently told the media that TPP countries are; “on the cusp of closing out the agreement”.
There will no doubt be conversations about the TPP at the World Economic Forum in Switzerland this week, with US trade representative Michael Froman heading to Davos to meet several counterparts. US trade negotiating teams are also in South-East Asia looking to pin Japan and South Korea to the agreement.