Pacific trading partners release trade pact details
275 views · Published 5 November 2015 · 5:33 · Indexed 8 November 2026
Channel: Real Thing TV · 2015 · News & Politics
Japan has pledged to ease trade barriers on imported french fries and butter, which have been in short supply in the Asian market, while Malaysia will eliminate tariffs on all imported alcohol for the first time in a trade agreement. Other firsts cited by the partners – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam – include a prohibition on subsidies to harmful fisheries as well as commitments to discourage imports of goods produced by forced labor and to adopt laws on acceptable working conditions. Malaysia will have to implement reforms to combat human trafficking, and Vietnam will have to allow independent labor unions before they can reap benefits of the pact. But the deal does not include measures demanded by some U.S. lawmakers to punish currency manipulation with trade sanctions, disappointing carmaker Ford Motor Co although members pledged not to deliberately weaken their currencies. The TPP would be a boon for factory and export economies like Malaysia and Vietnam. Anticipated tariff perks are already luring record foreign investment into Vietnamese manufacturing, and both countries are expected to see increased demand for their key exports, including palm oil, rubber, electronics, seafood and textiles.
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