Free-trade supporters and opponents alike have eagerly waited for the document to be made publicly available. It includes detailed charts showing negotiated reductions in tariff rates by commodity and when they go into effect, as well as chapters dealing with labor, the environment, intellectual property rights protection and other standards that signatories must adhere to.
The document, which is designed to make the ratification process more transparent, will be available for review for 90 days before Congress votes to ratify and President Obama can officially sign it.
"First and foremost, TPP will position Americans to compete and win in tomorrow’s global economy," Trade Representative Michael Froman said in a statement. "This is the first trade agreement to put a real focus on American small businesses who will gain powerful tools to help them export. This is the first trade agreement to put disciplines on state-owned enterprises to make sure that when they compete against our private firms, there’s a level playing field. And this is the first trade agreement to take on the digital economy, ensuring that individual and businesses in America and around the world will benefit from the expanding opportunities offered by a free and open Internet.
“Those are just three innovative ways that TPP advances what President Obama has called ‘middle-class economics — the idea that the country does best when everybody has got a fair shot, everybody is doing their fair share, everybody is playing by the same rules.’ Importantly, TPP is also the largest tax cut on American exports in a generation, slashing over 18,000 individual taxes on the products American manufacturers make, American farmers grow, and American innovators create. By selling more Made-in-America products around the world, we’ll support more high-paying jobs here at home.
“I would also encourage everyone to take a moment to consider the costs of not moving forward with this agreement," he added. "U.S. leadership in writing the rules of the road for trade in the Asia-Pacific region is critical. After all, this isn’t everyone’s approach to trade. Other countries, such as China, are already moving forward with deals that don’t reflect our interests and our values. Failure to pass TPP would come at a high price here at home: jobs lost, wages cut, and opportunity squandered. TPP promises to shape a better tomorrow: a global economy where more Americans get a fair shot, a U.S. economy with more higher-paying jobs, and American households with paychecks that go further.
“The ultimate decision as to whether the United States leads on trade remains with America’s elected representatives, and we’ll continue to work closely with Congress and all stakeholders to ensure this agreement can begin delivering on its promise as soon as possible. As we continue this important conversation, I’m confident the American people will see this historic agreement for what it is: trade done right.”