US President Barack Obama today released the complete text of the massive Trans-Pacific Partnership agreement, saying the 12-nation pact eliminates 18,000 taxes that various countries put on American goods.
Obama said when given a "level playing field, Americans out-compete anyone in the world.That's a fundamental truth about our country".
"But right now, the rules of global trade put our workers, our businesses, and our values at a disadvantage," he said on the blogging site Medium wherein he also released the text of TPP.
The text of the TPP agreement between the US and 11 other countries including Japan and Mexico runs into 30 chapters and hundreds of pages.
Describing that it is the highest standard trade agreement in history, Obama said it eliminates 18,000 taxes that various countries put on American goods.
"That will boost Made-in-America exports abroad while supporting higher-paying jobs right here at home. And that's going to help our economy grow," he said.
The pact said that all 12 nations have confirmed their commitment to International Monetary Fund rules "to avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage."
Acknowledging that past trade agreements haven't always lived up to the hype, he said that is what makes this trade agreement so different, and so important.
"The TPP includes the strongest labour standards in history, from requiring a minimum wage and worker safety regulations to prohibiting child labour and forced labour," he said.
"It also includes the strongest environmental commitments in history, requiring countries in one of the most biologically diverse areas on Earth to crack down on illegal wildlife trafficking, illegal logging, and illegal fishing. These standards are at the core of the agreement and are fully enforceable - which means we can bring trade sanctions against countries that don't step up their game," he added.
"And for the first time ever, we'll have a multilateral trade agreement that reflects the reality of the digital economy by promoting a free and open Internet and by preventing unfair laws that restrict the free flow of data and information," Obama said.
Obama asserted that the TPP means that America will write the rules of the road in the 21st century.
"When it comes to Asia, one of the world's fastest-growing regions, the rulebook is up for grabs. And if we don't pass this agreement-if America doesn't write those rules-then countries like China will. And that would only threaten American jobs and workers and undermine American leadership around the world," said the US President.
