WASHINGTON (Sputnik) — Obama added that TPP allows the United States and not countries like China to write the rules of the road in the 21st century, which is critical in a region as dynamic as the Asia-Pacific.
"Today, these countries signed the Trans-Pacific Partnership… a forward-looking trade deal that sets new, high standards for trade and investment in one of the world’s fastest growing," Obama stated on Wednesday.
The TPP trade deal is intended to deregulate trade among signatories which together make up 40 percent of the world economy, including the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Critics of the trade agreement, which was negotiated in unusual secrecy, say the TPP will undermine standards and regulations on environmental protection, health and safety, as well as workers’ rights.
