The White House warned Congress today that delaying ratifying a vast trans-Pacific commerce deal will cost the US economy.
The deal between 12 Pacific Rim countries is scheduled to be signed at 11:30 am in Auckland , New Zealand.
The challenging pact — consented after marathon negotiations in Atlanta, Georgia in October — aims to break down investment and trade barriers between nations comprising about 40 percent of the global economy.
But the signing many, and will come with barely a year left in the term President Barack Obama, of its main proponent suppose that members of Congress will not need to risk alienating voters by approving it national elections. Froman, though, said that putting ratification off will come with costs.
“After five years of dialogue, signing the TPP is a significant landmark in our efforts to set high-conventional rules of the road in the Asia Pacific area and more generally, and to deliver an arrangement which will help American workers, farmers and businesses.” Saying that the deal stands to add USD 100 billion a year to US economic growth, “There are costs to delay, real economic costs,” he said. “It is vital to move forward.”
Froman noted that the deal will keep the US in standing as a leader in “21st century standards” for global trade and protection of intellectual property, an open Internet, and labor and environmental protections. “It also offers significant geopolitical benefits. The US is and has long been a Pacific power.
Yesterday, Obama discussed his urge to get the treaty ratified with top Congressional Republican leaders, who said they had difficulties with the complicated deal. “I ‘ve some issues with all the arrangement,” said Senate Majority Leader Mitch McConnell. “It’s my advice that we not pursue that, certainly before the election.