Question

The Trans-Pacific Partnership (TPP) is a large regional agreement that involves 12 nations, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, the United States, and Vietnam. It is part of a larger Asian foreign policy agenda and has been considered highly controversial. The “Headlines: Making the Case for Trade” reviews the main arguments for free trade and argues that freer trade results in a wider variety of goods at lower prices, firms engaged in trade tend to have higher wages than other firms, that gains will come from the elimination of tariff, among others. But there are controversies as well. Please list and briefly discuss at least five controversial issues related to the proposed formation of TPP.

Answer 1

The Trans Pacific partnership has witnessed following 5 issues:

• There is conflicts between countries regarding time period to manufacture generic drug because of its high associated costs
• Rising donestic and internal politics between various government of menber countries has created nightmare and unavoidance to this partnership
• Selling of cars in Japan hasbecome costlier because Japan has imposed indirect costs which limits free trade. As a consequence US too has slapped tarriffs on imports
• Textile sector has caused problems because clothes which are wholly made and assembled within TPP countries can only be eligible for free trade which has caused serious rifts between member countries
• Currency manipulation has triggered another wave of rifts because countries usually devalue thier currency to boost exports and thereby Forex reserves which hasbecome contentious issue.