Obama may Push Trans-Pacific Partnership

Another trade initiative that is expected to be high on the Washington agenda this year is the Trans-Pacific Partnership (TPP), a set of ongoing negotiations between the US and ten other countries.

The other countries currently involved in the TPP talks are Australia, Brunei, Canada, Chile, Mexico, Malaysia, New Zealand, Peru, Singapore, and Vietnam. Thailand Prime Minister Yingluck Shinawatra has expressed interest in having her country join the negotiations; however, a timeframe for Bangkok to join the talks has not been announced, with all current TPP members having to agree.

Launched in 2005 by four countries before eventually expanding to the current 11 - with Canada and Mexico being the latest to join - the proposed deal has been billed by its proponents as a “21st century” agreement.

According to an outline released in November 2011, the proposed pact will slash tariffs and other barriers to goods and services trade and investment; the goods covered will represent some 11,000 tariff lines. Negotiators also plan to incorporate into the pact issues involving regulatory coherence; competitiveness and business facilitation; small- and medium-sized enterprises; and economic development and governance.

Participating countries had hoped to finalise the negotiations by the end of 2012, before eventually abandoning that deadline. Officials have since said that they hope to finish the talks by October of this year.

The next round of TPP negotiations is slated for 4-13 March in Singapore.