U.S. president Barack Obama celebrated the signing of the Trans-Pacific Partnership (TPP) agreement in Auckland, New Zealand Thursday, which in his opinion “puts American workers first.”
The president assured that the pact “sets new, high standards for trade and investment in one of the world’s fastest growing and most important regions,” according to a statement published by the White House.
“The rules of global trade too often undermine our values and put our workers and businesses at a disadvantage. TPP will change that. It eliminates more than 18,000 taxes that various countries put on Made in America products,” Obama said.
The president also confirmed that the agreement “promotes a free and open Internet” and prevents “unfair laws that restrict the free flow of data and information,” and that it includes “the strongest labor standards and environmental commitments in history.”
“TPP allows America – and not countries like China – to write the rules of the road in the 21st century, which is especially important in a region as dynamic as Asia-Pacific,” he concluded.
TPP was signed in Auckland by ministers and representatives from Australia, Brunei, Canada, Chile, Peru, the United States, Japan, Malaysia, Mexico, New Zealand, Singapore and Vietnam.
The new economic bloc expects the process of ratification by various national parliaments to take up to two years.
The procedure should not be problematic in the U.S. Congress. Despite opposition from the most progressive legislators in the Democratic Party, Obama can probably rely on Republican support, with majorities in both houses.