WASHINGTON, 17 Oct. One of the objectives of the agreement TRANS-Pacific partnership (TPP) is raising the standards of the countries of the Association with lower standards, said President Barack Obama on Friday.
It concerns the protection of labour, trade, intellectual property, environment.
“We want to give those of us who have high standards, were confident that everyone else can do it too. Because it will make our business more competitive, will put our workers in a better position,” Obama said during a press conference after meeting with South Korean President Park Geun-Hye.
“It’s the right thing to do,” Obama said.
The TPP agreement was reached on 5 October. It will created a free trade area in the Asia-Pacific region. The Pacific countries account for over 40% of the world economy and a third of world trade. The parties to the agreement — the U.S., Canada, Mexico in North America, Peru and Chile to the South, Japan, Malaysia, Brunei, Singapore and Vietnam in Asia as well as Australia and New Zealand.