Trans-Pacific Partnership can be ratified in US, says Barack Obama

President Barack Obama said on Monday that he remained confident the Trans-Pacific Partnership (TPP) trade deal would be ratified in the United States.

AFP May 23, 2016 13:57:30 IST
Trans-Pacific Partnership can be ratified in US, says Barack Obama

Hanoi: President Barack Obama said on Monday that he remained confident the Trans-Pacific Partnership (TPP) trade deal would be ratified in the United States despite strong political opposition in Washington.

"The reason I remain confident is it's the right thing to do," he told reporters in Vietnam where he is currently on a three-day visit.

TransPacific Partnership can be ratified in US says Barack Obama

US President Barack Obama. AP

"I have not yet seen a credible argument that once we get TPP in place we are going to be worse off... we're going to be better off," he said in a press conference with his Vietnamese counterpart. But the US leader conceded getting the ambitious tariff- slashing deal through a hostile, Republican-dominated Congress will be "noisy."

Even elements of his Democrat party are opposed to the deal, which aims to gain lower tariff access and bring down trade barriers to US goods in a market representing 40 per cent of the global economy.

The pact also aims to wrest influence from a booming China, which dominates Asian trade.

But critics warn TPP will damage American business by giving cheaper overseas goods preferential access to its domestic market, slashing wages and jobs.

Vietnam has readily embraced the deal and on Monday President Tran Dai Quang backed the TPP as a game-changing pact that can reshape global trade.

He said the pact can "be a driver of economic growth in (the) Asia-Pacific region", adding Vietnam "is committed to fully implementing" all of its clauses, which include recognition of workers' rights.

Currently unions are banned in Vietnam. The deal must now be ratified by the 12 participating countries.

The 12 signatories to the TPP agreement are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

Updated Date:

also read

New Zealand could complete abandoned white-ball series against Pakistan in 2022
First Cricket News

New Zealand could complete abandoned white-ball series against Pakistan in 2022

Just hours before the start of the first ODI at Rawalpindi on Friday, New Zealand called off the Pakistan tour which was to comprise three ODIs and five T20Is, citing security concerns.

'Behaving like a street gang boss': How Chinese media reacted to US, UK, and Australia's new pact
World

'Behaving like a street gang boss': How Chinese media reacted to US, UK, and Australia's new pact

Newspapers and broadcasters were unflinching in their criticism of the AUKUS alliance, accusing America of 'creating antagonism' and warning Australia of its one-sided policy

SC slams Centre for 'cherry-picking' names for tribunals, directs govt to make appointments in two weeks
India

SC slams Centre for 'cherry-picking' names for tribunals, directs govt to make appointments in two weeks

There are around 250 posts lying vacant in various key tribunals and appellate tribunals