TPP Collapse Would be 'Grave' Error, Says Editorial
Trans-Pacific Partnership talks are "doomed" if Congress fails to lock down Trade Promotion Authority, and a TPP collapse would be a "grave mistake" for both economic and security reasons, said a Bloomberg View March 22 editorial (here). "The fate of the most ambitious trade agreement ever attempted is in doubt," said the editorial. "The main harm, if the talks fall apart, is the damage this would cause to the larger process of global economic integration."
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U.S. trade critics are right in arguing the deal would disrupt local economies, but globalization generally "has transformed living standards everywhere and, in the developing world, is lifting hundreds of millions of people out of poverty," said the editorial. Unions and other trade critics say the TPP would cost U.S. jobs, while doing little to strengthen labor protections with trade partners (see 1502260056).
The TPP negotiating text is still undisclosed after years of talks, and Democrats on Capitol Hill are calling for more transparency. In recent days, the Office of the U.S. Trade Representative made public its aim to give more congressional access to the TPP documents (see 1503190001). Following the conclusion of a deal, the administration would have to conduct a long review before it submits implementation legislation to Congress. "When Congress sees the details, it can decide whether it wants the TPP or not," said the editorial. "With so much at stake, letting the talks fold at this stage would be an unforgivable abdication of U.S. leadership."