The Trans Pacific Partnership, a historic and controversial trade agreement signed on Feb. 4 in Auckland, New Zealand, has the potential to affect the economies of nations around the Pacific Rim, reported Miami Today.
The TPP is a deal made between 12 economies, together valuing approximately $28 trillion, according to Al Jazeera. The Washington Post stated the partnership is an economic union of Chile, Japan, Australia, Brunei, Canada, Malaysia, Peru, Mexico, Singapore, New Zealand, Vietnam, and the United States. The deal is designed to reduce trade tariffs, improve economic accessibility between nations, and standardize regulations relating to environmental protection, labor, and intellectual property.
Covering about 40% of the world's economy, the agreement is lengthy, filling 2,700 pages, and is set to become the largest regional trade agreement in the world, explained the Los Angeles Times.
Government leaders from throughout the Asia, Pacific and American regions convened last July on the island of Maui to discuss the TPP. Efforts to reach a final agreement failed after disagreements arose between Japan and the U.S. regarding automotive manufacturing and New Zealand's reluctance to negotiate its dairy trade, wrote Al Jazeera.
Critics have explained the pros and cons of the TPP. The Los Angeles Times elaborated on an economic benefit for the U.S., highlighting how farmers in California would be able to export 50,000 additional metric tons of rice each year to Japan, a highly profitable market.
California's technological and entertainment industries are also likely to benefit from the implementation of the TPP, as intellectual property will become better protected in other countries, such as movies, music, and software.
The citizens of New Zealand were especially vocal about their opposition to the TPP when it was signed in Auckland.
Andrew Ormond, a sophomore from New Zealand majoring in information systems, stated bluntly regarding the TPPA, “Seen it. I don't like that trade agreement.”
Thousands gathered to protest in Auckland, Wellington, Dunedin, and Christchurch, picketing and chanting with signs that read, “AOTEAROA IS NOT FOR SALE!” and “Secret TPPA, No Way!,” according to TV New Zealand. A group performing hakas was seen leading the protest in central Auckland, reported Radio New Zealand.
As noted by BBC, much public skepticism has been fostered by the apparent lack of transparency throughout the international negotiation process regarding the TPPA.
At a news conference in Waitangi, New Zealand, a discontented woman threw a rubber phallus at the face of economic development minister Steven Joyce, shouting, “That's for raping our sovereignty!” The woman explained she was “worried about patient rights and how many people will essentially die if this [TPPA] goes through because the price of medication's going up.”
Juliet Liufau, a junior from New Zealand majoring in exercise sports science, explained, “From what I know of the TPPA, what troubles me the most is our government not thinking of the betterment of our country. For example, one issue I read about was that foreign companies will be able to sue our country if we create laws or systems that harm these company's profits.
“That's like if we, as New Zealand citizens, want to make changes to our laws to better help our people and our land, then our government is more likely to decline in fear of harming overseas corporations. It sounds like to me that our government will be more worried about pleasing foreign investors [rather] than the actual citizens of New Zealand.”
Ricky Chadderton, a sophomore from New Zealand majoring in psychology, was more optimistic about the trade agreement, explaining, “Personally, I feel that there are a lot of benefits to the TPPA, but it is a very misunderstood agreement. The New Zealand government should be listening to the people rather than trying to get an executive advantage over other countries. The people just need to be heard so that they can make a difference.”
The New Zealand government has emphasized the potential domestic benefits if the TPPA becomes internationally ratified and implemented. The New Zealand Ministry of Foreign Affairs and Trade states on its website that the TPPA will “liberalize trade and investment”… offering “better access to globally significant markets.”
The ministry also states that the TPPA will grant New Zealand the opportunity to stimulate the growth of regional supply chains.