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Added on the 02/08/2015 21:41:54 - Copyright : Reuters EN
Trans-Pacific Partnership talks in Maui end without a deal, with the decline of the sugar industry in the U.S. and Japan one of the obstacles. Sean Carberry reports.
U.S. President Barack Obama uses his weekly address to tout the benefits of the Trans-Pacific Partnership (TPP) trade deal. Rough cut (no reporter narration)
U.S. Democratic presidential candidate Hillary Clinton tell PBS she does not support the 12-nation Trans-Pacific Partnership (TPP). Rough Cut (no reporter narration).
Trade ministers from 12 countries announced the largest free trade deal in a generation on Monday in Atlanta. The Trans-Pacific Partnership (TPP) trade deal started with an agreement signed in 2006 between Brunei, Chile, New Zealand and Singapore.It then expanded to 12 countries, including the US and Japan, which have a population of about 800 million and are responsible for 40% of world trade, BBC reported. The agreement will impact a vast array of business sectors including agriculture, automotive, pharmaceuticals and environmental.According to the Guardian, besides eliminating or reducing over 98 percent of tariffs across a range of sectors, it will also allow foreign companies to sue governments if they feel their profits are affected.For instance, a tobacco company such as the Philips Morris would be able to sue a country for unappealing or image-damaging packaging.Critics of the trade deal say that negotiations have been dealt mostly in secret and that it gives corporations too much power.Agriculture also proved to be another sticking point with countries like New Zealand wanting more access to markets in Canada, Mexico, Japan and the United States.
Trade ministers from 12 nations are spending a last day trying to finalise the Trans-Pacific Partnership free trade deal. Paul Chapman reports.
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