Commentary: Controversial Trans Pacific Partnership agreement not likely to continue without US involvement
Author: Kavaljit Singh, Madhyam, Published on: 30 November 2016
"The TPP is Dead. What Happens Next?", 25 Nov 2016
On Monday, the US President-elect Donald Trump announced that the US will pull out of the Trans-Pacific Partnership (TPP) trade pact on his first day in office...The TPP faced stiff political opposition cutting across party lines and ideologies...[T]he TPP, in its present form, is effectively dead...The TPP represents a new generation of 21st century trade agreements creating new mechanisms to govern cross-border economic activities...One of the most contentious issues is the incorporation of Investor-State Dispute Settlement mechanism which would allow foreign investors from TPP member-states to bypass domestic courts of host states and sue a host state through international arbitration proceedings...Concerned over the potential negative effects of TPP on jobs, economy and regulatory space, civil society groups and labor unions from both sides of the Pacific launched popular campaigns focused on the secret nature of the negotiations and sought greater public participation during the negotiation process...[M]any member-countries would not be keen to pursue a TPP (minus one) pact due to lack of exclusive access to US markets for which they accepted onerous conditions to join it...