"great news for US imperialism, in particular".
So the Trans Pacific Partnership (TPP) trade deal has finally been agreed. The aim is boost world trade and investment by expanding the power of capital to flow without hindrance globally. Much of it will be bad news for the interests of labour globally.
I'll try and do a post on TPP soon but, for now, here are a few thoughts.
1. The goal for the US and Japan is to get ahead of China, which is not included in the TPP, and to create an economic zone in the Pacific Rim that might balance Beijing’s economic heft in the region.
2. Japan and the US have never before sealed a bilateral trade agreement. TPP is a de-facto trade agreement between two of the world’s three largest single-country economies that would be likely to further integrate Japan’s economy and supply chains with those in North America.
3. TPP would allow foreign corporations to challenge decisions by governments before international arbitration panels. In other words, corporations could sue governments if they are regulated, taxed or nationalised.
4. The TPP would break new ground on environmental and labour standards for trade agreements.The US claims that the TPP would help reduce trafficking in endangered species and tackle other problems such as overfishing in the TPP countries. If countries do not abide by their commitments Washington would use the agreement to call them on it.
Overall,TPP is great news for US imperialism, in particular.