” The pact, agreed a month ago, comprises Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
The deal now awaits approval by each of the dozen members’ legislatures — a potentially contentious and lengthy process.
The U.S. government began its process on Thursday, with President Barack Obama notifying lawmakers of his plan to sign the U.S.-led initiative.
Some provisions in the 1,500-page document allow for nations to renegotiate terms and rules in some cases after a certain period of time. Such conditional arrangements helped them to conclude more than five years of intensive talks last month.
The text also says multiple countries will relax visa requirements to let workers and their families relocate more easily.
One of the provisions in the text allows nations to discuss the bringing forward of phased tariff abolition at the request of partners.
The 12 countries will also “review within 3 years of entry into force (of the agreement) and at least every 5 years thereafter the economic relationship and partnership” among them and “consider any proposal to amend or modify” the pact, according to the text.
The Japanese government will remove tariffs on 95.1 percent of imported products, compared with the abolition of duties on nearly 100 percent of imported items by other members, as tariffs will remain for some agricultural products.” (The Japan Times)
The flexibility within the TPP agreement seems to have made possible an early deal for the 12 related countries. Maybe there is here some matter for thoughts for the EU-Japan FTA/EPA agreement under negotiation? What do you think?
Read more from: TPP Agreement: a Flexible Solution for a Free Trade deal?