Twelve countries, including the United States, reached an agreement Monday on an historic trade agreement that could economically tie together more than 400 million people in Asian Pacific and American countries. The pact would cover trade for wide ranging products, from rice to pharmaceutical drugs to cars.
The Trans-Pacific Partnership, which negotiators have been working on for eight years, would thaw trade relations among countries included in the regional zone, including Japan and the United States. For automakers in both countries, the tentative deal includes provisions for Japanese automakers to (eventually) bring light-duty trucks to the U.S. For American automakers, part of the proposed agreement included a side deal between America and Japan to allow access for U.S. automakers to traditionally closed Japanese markets.
The agreement faces an uphill battle to get congressional approval; House Republicans and presidential candidates already have roundly dismissed the deal.
The full text of the accord won't be available for another month, according to the New York Times.
According to reports, the deal won't include any sort of currency devaluation agreement to keep countries from artificially driving down costs on their own exports. Separate agreements between individual countries would need to be made.
The trade agreement could include provisions for cars produced in partner countries that could be exported duty-free. For cars and trucks produced in the North American Free Trade Agreement zone, those vehicles would need to include 62.5 percent of its parts sourced within the region to be sold without high tariffs.
Opponents on both sides say the deal could compromise jobs in the U.S. and that the agreement ignores human rights violations in some countries.
The post Trans-Pacific Partnership Agreement Reached, Let's All Buy Subaru Sambars appeared first on The Truth About Cars.
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