Text of landmark trade agreement revealed
The text of the Trans-Pacific Partnership, the largest regional trade accord in history, was released Thursday.
If implemented, the trade agreement would phase out thousands of import tariffs, establish uniform rules on intellectual property, open the Internet and crack down on wildlife trafficking and environmental abuses. It faces months of debate in Congress, which likely won’t vote on the deal until at least March, according to Bloomberg.
In Maine, the impact is uncertain.
The deal could open up new markets to Maine exporters, but New Balance, the Boston-based footwear company with three Maine factories, has previously expressed concern that eliminating footwear tariffs on shoes made in Vietnam could risk more than 850 manufacturing jobs in Maine.
However, it appears some footwear tariffs will remain in place for the time being.
Bloomberg reported that the partnership, which will affect almost 40% of the global economy, keeps some tariffs in place for set periods of time, including 13 years for some types of footwear.
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