As it is commonly known, the TPP or the Trans-Pacific Partnership is a “free trade agreement” that many have heard of, but few understand. The partnership, which is between 12 of the major nations around the world, is aimed at strengthening ties between the nations involved, which include Canada, the U.S. and Singapore, as well as slashing tariffs and taxes on trades. Regarded as one of the most ambitious free trade agreements ever signed, the deal has multiple points which have caused concerns to those involved in the passing process.
With the countries participating making more than 40 per cent of the world’s GDP, it is no wonder that those close to the deal are worried about it effects on all those involved. The focus of the plan is to cultivate better trading relations between major producers and consumers reducing trading costs. However, these cuts to tariffs and new deals come with costs in other places. For example, multinational corporations will be able to sue governments in secret tribunals if they believe that policy may interfere with future earnings, like Big Pharma did to Canada, costing the government $500 million. It also means that large pharmaceutical companies will have a monopoly on the market driving up the costs of drugs that we need, like cancer medication, HIV/AIDS treatments and other necessary medications.
Other areas of concern are jobs – which could be in jeopardy with outsourcing being given heavier attention—and environmental protections—which would fall into the policy that could be challenged by the multinationals. Additionally, there is a large focus on Internet freedoms. With an increase in restrictions on copyright infringements, there is a higher probability of seeing repercussions for partaking in services like “Popcorn Time” and “Youtube to MP3.” This is due in part to the requirement for Internet service providers to police their users and monitor their usage. Anything deemed as an infringement could lead to high fines or even jail terms.
Finally, another area of concern for those involved is food safety. With the ability to challenge policy, and environmental protections, this could mean dangers for the food industry. Additionally, markets, like the dairy market, will see competition from new producers, throwing off quotas, and farmers’ incomes. In countries like Canada, who has a large dairy industry, this could mean a downturn in the economy.
With much of the trade deal still under wraps, and the concerns listed above stemming from just four chapters within the deal, it is hard to say if there is anything to combat the concerns that are already being seen. However, until the whole deal is made public, it is not possible to know.