The Trans-Pacific Partnership is moving ahead again. After five years of waiting and big debate about the degree of secrecy surrounding the negotiations, the text of the largest global trade deal is public.
Released today by the 12 respective countries involved, the text highlights tariff agreements, labor regulations and environmental standards as well.
The footwear industry stands to benefit hugely from the deal, which includes key manufacturing markets like Vietnam.
According to initial estimates, the Footwear Distributors and Retailers of America said it expected that in the first year of the agreement the industry could save at least $300 million in footwear tariffs.
The next step for the deal at home is that it heads to Congress for review, which is not likely to be an easy task for House and Senate leadership. Earlier this year, Congress managed to delay Obama’s trade negating powers, delaying some of the behind the scenes wheeling and dealings.
Among the items likely to raise issue with Congress is that the deal doesn’t include sanctions for currency manipulation, though the 12 member nations did all agree outside the deal to not artificially hold currencies low.
Additionally the deal aims to prohibit the trade of goods made with forced labor and aims to raise working standards for all nations in the agreement.
Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the U.S. are the nations that make up the Partnership that ties together 40 percent of the world’s economy.