The Trans-Pacific Partnership (TPP) trade deal that was signed by the 12 participating countries has already been ratified by one country, while it is going through the process in three others.
Countries whose negotiators signed the TPP agreement include United States, Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Once representatives from those countries signed the deal, it was up to the governmental groups from each nation to ratify the agreement.
According to information provided by the North American Meat Institute (NAMI), Malaysia’s legislature has already ratified the agreement, and Australia and New Zealand’s parliaments commenced the approval process on February 9.
Japan has become the latest country to move TPP forward, as the cabinet finalized a dozen pieces of legislation related to TPP, including one that would seek ratification of the trade agreement. Japan’s legislative body is expected to begin debating TPP in April, with passage possible by this summer.
The United States has yet to act on TPP, despite urgings from U.S. Agriculture Secretary Tom Vilsack and American Farm Bureau Federation President Vincent “Zippy” Duvall, who addressed their TPP concerns during a media call on February 23. Both agriculture leaders say the sooner Congress acts on TPP, the sooner the U.S. poultry, pig and feed industries can enjoy the benefits of the reduced and eliminated tariffs promised by the agreement.
Participating countries have two years to consider ratification before making a final decision on TPP, Canadian International Trade Minister Chrystia Freeland said, according to a CBC report.