Don't Hold Your Breath for Cheap Steaks: Here's the TPP Timeline
- TPP signoffs will take months or years for lawmakers review
- U.S., Canadian election politics may complicate ratification
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A spirit of congratulations accompanied the Oct. 5 announcement of a deal on the Trans-Pacific Partnership. After five years and 19 formal rounds of talks, the largest regional trade agreement in history was a reason for celebration in the 12 countries involved -- which account for 40 percent of the world’s economy. Markets will be expanded, tariffs and duties lowered or erased, and the goal of free trade furthered in a large part of the world.
Still, businesses seeking to take advantage of the deal -- which could have benefits and fallout for automakers, cattle and dairy farmers and drug manufacturers -- will have to wait for months and possibly even years before they will see its effects. The deal must be ratified by all 12 nations, and in many, that will be a multi-step process. Most of the countries are expected to approve it, yet in the U.S. and Canada, election politics and divides over the accord could mean long delays and risks to passage.