A quick look at 2 US trade deals being negotiated
The federal government is negotiating two trade agreements that would help small businesses increase exports, the Trans-Pacific Partnership and the Trans-Atlantic Trade and Investment Partnership. Talks on the agreements aren’t expected to be finished for at least several months. After they’ve been finalized by negotiators, the agreements must be approved by both houses of Congress and the governments of each country involved.
WHICH COUNTRIES DOES IT COVER: U.S., Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam.
WHAT IT AIMS TO DO: Cut or eliminate tariffs and regulations that restrict imports, streamline customs procedures, prevent barriers to the free flow of information over the Internet, open the market for services like express delivery and telecommunications, reduce differences in manufacturing standards among the countries, improve trademark protection.
TRANS-ATLANTIC TRADE AND INVESTMENT PARTNERSHIP
WHICH COUNTRIES DOES IT COVER: U.S. and the European Union, including Austria, Belgium, Britain, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
WHAT IT AIMS TO DO: Eliminate all tariffs on trade, reduce regulations that restrict imports, improve the market for services, reduce differences in manufacturing standards among the countries, improve trademark protection, increase investment in each country’s economy.
Source: Office of the United States Trade Representative