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The Trans-Pacific Partnership, what is all the hype about?

Most folks in the trade community have heard of the TPP aka Trans-Pacific Partnership.  Most can agree this massive piece of “pending” legislation has caused significant discussion and confusion from many sectors and political positions.  Why so much hype?  This discussion endeavors to only highlight key points about TPP as they relate to the trade community.  It is well recognized that there are clear pros and cons to most all of the components of this legislation. 

The TPP involves 12 countries, including the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.  Some key points:

- Approximately 18,000 tariffs may be affected by reduction or elimination of tariff rates

- US Goods and US farm products may have tariffs removed

- Textiles and clothing tariffs may be removed (in various timeframes)

- It may lead to stricter labor laws in participating countries

- It may lead to stricter environmental rules

- It may lead to more robust protections for drug companies

- It may extend statutory terms of copyright protection

- It may provide new avenues for investors to initiate litigation over laws and regulations in other participating countries

We have noted “may” in each of these key points mainly because at this point it is unclear about what is going to happen with the TPP.  With the election looming, it is certainly not likely to see any movement positive or negative on this until after the New Year.  Even then, it is still very unclear what support there is at this time in the current format. 

Being informed is the first step toward action.  JAS Forwarding USA Inc. Compliance Team is committed to bring more and more relevant topics to our blogs and monthly newsletter.  Contact us today and tell us what you think about the TPP and any other key topics.  We are ready to help!

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