The Obama administration says an expansive 12-nation Pacific Rim trade pact released Thursday would rewrite the rules of trade and investment in a fast-growing region, reducing barriers of entry for U.S. businesses and safeguarding intellectual property, while also protecting the rights of workers and the environment.
The Trans-Pacific Partnership (TPP) would lower tariffs on thousands of goods and services, including beef, pork, dairy and automobiles, and it would establish an international tribunal to litigate disputes between member countries and multinational corporations.
Nations including Brunei, Malaysia and Vietnam, in special implementation plans agreed to with the United States, have promised to change their laws to allow trade unions to form and operate freely, to improve protections for foreign workers and those who may have been illegally trafficked, and to outlaw employment discrimination.
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