Video: International trade expert Patrick Macrory tells us about the Trans-Pacific Partnership, a U.S.-led agreement that could create the world’s largest trade pact.
WASHINGTON — Negotiators are meeting this week in Brunei for the 19th time to figure out the terms of an ambitious U.S-led trade agreement that has been two-and-a-half years in the making.
Known as the Trans-Pacific Partnership, the proposed agreement would span 12 countries – including Canada, Mexico and Australia – and cover two-fifths of global trade volume, creating the world’s largest trade pact.
Seen as the economic pillar of the Obama’s administration’s pivot to Asia, the TPP is expected to “promote economic growth and development, and support the creation and retention of jobs,” according to the Office of the United States Trade Representative.
However, some interest groups have raised concerns about the harm that the proposed agreement could have on the country’s economy. The auto industry has filed a petition arguing that free trade with Japan, which was admitted to TPP talks last month, would cost American jobs.
In addition, negotiators have been hitting roadblocks in finding middle ground for the terms of the proposed agreement, as each participating country remains staunch about advancing its own interests.
Trade negotiators said they expect to complete a basic framework for the agreement by October, but there have been doubts about whether this deadline can be met.
“I don’t see how that could be done,” said Patrick Macrory, director of international trade at the International Law Center.
Although little has been disclosed about the discussions taking in Brunei, journalists from around the world have been weighing in on what is happening and is expected to happen with the TPP.
Roll over the interactive map below for a selection of some the latest TPP headlines from around the world.
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