The Trans-Pacific Partnership (TPP) trade deal has edged closer to conclusion after the US Senate narrowly voted overnight to end debate on granting US President, Barrack Obama, so-called “fast track authority”, which would allow the President to sign the agreement and have it ratified in Congress with a simple “yes” or “no” vote, without amendment.
The Senate vote passed by the narrowest of margins, 60 to 37, reaching the minimum threshold required. However, the final Senate vote to grant “fast track” will only requires 51 votes, which means that its passage is all but assured when the vote takes place as expected on Wednesday (Thursday morning Australian time).
Once “fast track” is granted to the President, the other 11 nations negotiating the TPP will have the confidence to present their final negotiating positions, with the agreement now expected to be concluded and signed within a month.
Despite recent indications that US President, Barack Obama, is refusing to slash agricultural tariffs and import quotas as part of the TPP, thus excluding Australian sugar and beef farmers from realising benefits, Australian Trade Minister, Andrew Robb, remains committed to the pact, last week describing the agreement as “extraordinary”, whilst also talking up its benefits.
This suggests that that Robb is willing to accept a sub-standard deal for Australian farmers, whilst also granting the US further intellectual property and copyright protections for its pharmaceutical, technology and television/film entertainment sectors, which would push-up costs for Australian consumers and taxpayers.
The fix is in.
