PACIFIC TPP TALKS TO BE RESUMED IN JANUARY

PACIFIC TPP TALKS TO BE RESUMED IN JANUARY

W/Jng-NSNBC   Published On: Wed, Dec 11th, 2013 

http://nsnbc.me/2013/12/11/pacific-tpp-talks-to-be-resumed-in-january/

Talks about the controversial Trans-Pacific Strategic Economic Partnership Agreement (TPP) in Singapore halted and will be resumed in January 2014, to address the many remaining obstacles and points of contention.

The Minister of Commerce and Industry of Singapore, Lim Hung Kiang, summarized the results of the four day talks in a brief communiqué, according to which the latest round of negotiations between the ministers from the 12 countries within the framework of the agreement, have failed to reach any new agreements and plan to resume the talks in January.

The Singapore round, with participation from Australia, New Zealand, Canada, Brunei, Malaysia, Japan, Vietnam, Peru, Chile, Mexico and the United States of America, began on Saturday, and coincided with the Ministerial Meeting of the World Trade Organization (WTO), which agreed to attempt to revive a trade liberalization program that was promoted in Doha in 2001.

The TPP negotiations began in 2004 and are aimed at creating the world’s largest market with close to one billion people on both sides of the Pacific. The group of 12 member countries represents approximately 40 percent of the world’s combined Gross Domestic Product (GDP).

The TPP is widely criticized for the inherent risk of loss of national sovereignty and for representing globalist interests rather than national interests and bilateral relations which are beneficial for the involved countries rather than for globalized, transnational corporations.

Other critics perceive the agreement as an expansion of US hegemony and part of a US attempt to counter China’s regional development rather than including China in bilateral and multilateral relations which could be beneficial for all of the involved nations.

Author:  W/Jng-nsnbc 11.12.2013

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