Japan, US rule out re-opening of trade pact
The US and Japan governments have made it clear that there wouldn't be re-opening a Pacific trade deal and further stated that any such attempt would further damage the whole pact.
This clarification form the world's largest and third largest economies assumes importance in the wake of emerging demand from some US lawmakers to consider the re-opening of Pacific trade deal.
Japan is the second largest economy among 12 member nations in the Trans-Pacific Partnership (TPP) agreement. Japan's Economy Minister Akira Amari said: "There can be no re-doing of the agreement. The deal was like a glass ornament that would disintegrate if a part of it were to be renegotiated."
Caroline Atkinson, Obama's deputy national security adviser for international economics, said that nations under TPP get many advantages after negotiations over five years. Atkinson further said: "Now, it's impossible to re-open individual issues. Renegotiation is not an option."
The Trans-Pacific Partnership deal is concluded after years of negotiations, but still drawing flak on several issues from different nations. The TPP pact is yet to be approved by US Congress and this might take few more months.
It's creating more noise in the wake of ongoing US presidential elections campaign. The 12 nations under TPP account for one-fifth of the global economy.
Since there are several issues agreed upon among the TPP member nations. The chances are that one issue of a country may be tied to another issue of a different country. Every country's outcome is balanced for other country's outcome on the global market under TPP, said Amari.
The TPP accord is a major achievement for Barack Obama's two terms. The TPP is crucial for the US economic agenda to boost exports and rebalance the US foreign policy, while maintaining closer relations with eastern Asia.
Obama recently said that 95 percent of US customers are overseas and we can't allow countries like China to dictate the global economy. This statement comes in the wake of criticism that TPP will work against the dragon country's interests. Now, TPP deal awaits Congress approval.
Hatch has expressed his concerns over the protection of patients as TPP will benefit drug companies. Criticizing the TPP pact, Hatch said the deal is securing longer period protection for drug makers on some medicines.
Senior House Democrat Sander Levin has argued that worker protection in Mexico is not addressed properly. Orrin Hatch, a Republican senator and chairman of Senate committee on trade, said negotiators should meet again on TPP if Congress doesn't support it.