WASHINGTON (Sputnik) — The signing of the TPP will secure commercial agreements between the United States and 11 other countries, Australia, Japan, New Zealand, Mexico and Malaysia among them. The deal is expected to cover about 40 percent of the global economy.
Under the new legislation, the US president will submit free trade agreements to the US Congress, which will vote for or against them without adding amendments.
“The first [TPA agreement], will help us pass new 21 century trade agreements with higher standards and tougher protections than those that we have signed before,” Obama said in a bill signing ceremony.
On Wednesday, the US Senate voted 60 to 38 passing the TPA legislation that fast-tracks the president's authority to conclude the ongoing Trans-Pacific free trade agreements.
The Trans Pacific Partnership (TPP) negotiations have been ongoing for the past decade, but the contents of the prospective agreement have not been made public.
“People want transparency in those agreements,” Obama said. “Under these authorization, these agreements will be posted on a website for a long period of time for people to scrutinize and take a look at.”
On May 12, Boxer argued there were many restrictions limiting members of Congress to look at the current text of the trade agreement.
The signing of the TPP will secure commercial agreements between the United States and 11 other countries, Australia, Japan, New Zealand, Mexico and Malaysia among them. The deal is expected to cover about 40 percent of the global economy.
