Big business pushes for early TPP ratification
October 3, 2016: As the parliamentary inquiry into the TPP enters its second week of public hearings, The Australian reports that the Business Council of Australia has urged ratification "as soon as practicable” - despite the rising opposition in the US.
The article notes that the American Chamber of Commerce in Australia has also encouraged the Australian government to quickly ratify the agreement to help “stiffen spines in Washington”.
The TPP is a massive political issue in the US and was a key topic during last week’s candidates' debate, with both Trump and Clinton reaffirming their opposition to the deal. It is highly unlikely that Australia moving quickly to ratify the TPP legislation will change the political landscape in the US.
Instead of rushing to implement the TPP’s legislation when it may never actually come into force, the political uncertainty in the US gives the Australian government time to properly assess the benefits and costs of the deal.
While the parliamentary inquiry has a government majority and therefore will be pro-TPP, the Senate inquiry promises to be more objective and examine the full impacts of the TPP on Australia - including the impacts of ISDS and stronger medicine monopolies. Submissions are now open - you can make a submission here.