(TRUNEWS) On February 4, the Trans-Pacific Partnership (TPP) is set for formal signature in New Zealand.
The TPP is a global version of the North American Free Trade Agreement (NAFTA) and the General Agreement on Tariffs and Trade (GATT), which has been negotiated in secret for the last seven years and would place centralized regulation on 40 percent of the world’s economy.
NAFTA and GATT had a catastrophic effect on U.S. business competitiveness, and domestic export values, upon implementation in the 90’s, a trend the TPP is likely to follow.
The 12 participating nations, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam, concluded formal negotiations inside the U.S. On October 5, 2015, much of which is still secret to the public.
After the February 4th finalization, treaty participants must return to their countries and at least 6 nations must ratify the TPP for it to take formal effect. These six countries however must represent a minimum of 85 percent of the gross domestic product of the 12 members, meaning Japan and the United States much be among them.
“The signing will be a celebration, but the critical work comes after with the ratification process in national parliaments,” Gary Hufbauer, of the Peterson Institute for International Economics, told Bloomberg BNA.
Hufbauer also mentioned the disadvantageous nature of the TPP, for industrialized western nations such as the United States.
“The TPP is only good news for countries like Chile, Peru and Vietnam. It is a good legacy issue for a president,” said Hufbauer.
Dark Side of TPP
The TPP extensively broadens trans-national entities rights, elevating them legally to the level of the domestic citizenry. This would allow companies that invest in foreign countries to claim the right to “fair” treatment, giving them the right to sue over canceled projects.
“Instead of the American public making the rules that govern our country, we have foreign companies that are now in control of some aspects of American sovereignty,” Kennedy said.
Full article: The Trans-Pacific Partnership: Death of Western Sovereignty (TruNews)