After years of negotiations, twelve member nations have signed the Trans Pacific Partnership agreement which encompasses roughly 40% of the world’s economy. However, members caution there are still years of talks ahead before the deal will become a reality.
The pact must now undergo what many expect to be at least a two year ratification process by member nations. During the process at least six of the twelve countries, of whom the combined GDP must total at least 85% of the total GDP of member nations, must approve the deal. Because of their size, both the U.S. and Japan must approve before any agreement can be reached. A vote in the U.S. during a presidential election year seems unlikely according to political commentators.
Still, even with the delays many agricultural groups remain in favor of the agreement which is expected to open several doors for U.S. agricultural goods. The National Corn Growers Association released this statement yesterday:
“After five years of negotiations, we are pleased to see the Trans-Pacific Partnership agreement take another step forward today. The National Corn Growers Association supports the Trans-Pacific Partnership because it would give America’s farmers and ranchers greater access to some of the world’s fastest-growing economies. This agreement is good for both corn farmers and our friends and partners in the livestock industry. We all want to see more American grains, meat and dairy on dinner tables around the world.”
“This agreement will strengthen America’s influence in the Asia-Pacific region and set the tone for future international trade agreements, such as with the European Union. By supporting TPP, Congress can send a powerful message: the United States will lead on trade. That’s why NCGA members will be going to Capitol Hill in the coming months, asking Congress to vote in favor of the Trans-Pacific Partnership agreement in 2016.”
The pact is also endorsed by the American Soybean Association, the National Wheat Growers Association, the National Cattlemans’ Beef Association, and the National Pork Producers, among others.