Trade ministers of the 12 nations that negotiated the Trans-Pacific Partnership say the free-trade agreement “will set a new standard for trade and investment in one of the world’s fastest growing and most dynamic regions.” The agreement, concluded last fall, was signed in a ceremony in Auckland, New Zealand. It would apply to 40 percent of the world economy and create a market of 800 million people. “The signing of the agreement signals an important milestone and the beginning of the next phase for TPP,” says a joint statement by the trade ministers, pointing to ratification by each nation.
The trade ministers said “a number of other economies” are interested in joining TPP. The signing of the pact sets a two-year deadline for its 12 member to ratify the agreement. The CBC said “the United States, Japan and at least four of the remaining 10 countries must approve the final legal text in order for the deal to take effect … A vigorous political debate in the two largest economies, the U.S. and Japan, combined with elections in both countries in 2016, make it far from certain that the two players in the driver’s seat for negotiations will even ratify the deal.”
Protesters shut down central Auckland as a show of opposition to TPP, said the New Zealand Herald.