WASHINGTON (Sputnik) — If Congress fails to pass the TPP trade deal, Kerry argued, the US economy will lose its competitiveness and fall behind other nations, especially considering that 95 percent of America’s customers reside outside of the United States.
"I hope that within a few weeks when the election is over and Congress returns to Washington to finish the people’s business, they will take up and approve TPP… to preserve, protect and defend the best interests of our beloved country," Kerry stated.
The TPP, Kerry claimed, contains high labor and environmental standards that will be enforceable, unlike previous arrangements such as the North American Free Trade Agreement (NAFTA).
In October, 12 countries of the Pacific Rim region, including the United States and Canada, reached an agreement on the TPP trade deal, which intends to deregulate trade among the signatories. The trade deal has yet to be ratified by the signatory countries.