Officials from the Obama administration and other Trans-Pacific Partnership countries are ramping up their efforts to build support for ratifying the 12-country pact. But, the International Center for Trade says the election politics surrounding TPP has put the Obama administration in a difficult position. Voters are heading to the polls to select a presidential candidate, both of which oppose the trade agreement. Speculations of what may hold back TPP during the lame-duck session include House Speaker Paul Ryan’s fear of losing his post if he brings the deal for consideration. Further, opposition in his state is putting pressure on the Wisconsin Republican to block the deal. Meanwhile, other TPP countries are taking steps towards ratifying the trade agreement.
Under the TPP’s rules, signatories have an initial two-year window from when the deal was signed to complete their domestic procedures for ratification. Should all 12 not ratify by the deadline, the trade agreement will enter into force only after being ratified by six countries that must make up 85 percent of the overall group’s combined GDP.
Source: NAFB News Service