US Ambassadors Plea for Almost Defunct TPP | Financial Buzz

US Ambassadors Plea for Almost Defunct TPP

The Ambassador of The United States to China, Mark Baucus, together with five of his US Ambassadorial compatriots, have made a last ditch attempt to refresh the far reaching Trans-Pacific Partnership or TPP trade pact. The Obama administration made treaty is one of the Obama administration’s crowning achievements. It is one of the biggest trade agreements in world history. The TPP encompass approximately 40 percent of the economy of the world. It also sets new standards and terms of trade for the US and other nations scattered along the Pacific Rim. A total of 11 countries other than the US are included in the TPP. Although China was not part of the signatory countries, it could join.

Anti-globalization Trump

There is a concern on the direction the US is taking when it came to international trade. Anti-globalization trends shaped the presidential race of 2016. President-Elect Donald J. Trump has pledged to destroy TPP after he becomes the President of the United States of America. Even the Democratic presidential contender at pre-election time, Hillary Clinton, had denounced it. The latter supported s form of it when she was Secretary of State.

Ambassador Baucus was perfect for his diplomatic job. He was appointed by President Barack Obama in 2013 when the former was a Senator. Baucus is known for his advocacy of free trade. He fully supported the TPP and was successful in dampening the growing Chinese alarm over the US led effort. During the second week of January, he and five other American ambassadors sent an open letter to US Congress. The letter requested members of Congress to support the TPP pact. The content states that it is imperative for the United States to take a leadership position in regional trade. The communique went further on to say that if the US does not, China will take over the coveted role.

Diminished US

The ambassadors have warned through the letter that if TPP is not renewed, then this action will be regarded as future generations as that specific moment when the US surrendered its leadership to another country. America, from now on, will play a minor role in the region. The letter added that this step will be a cause of celebration for countries who advocate an “Asia for Asians” policy. The letter also criticizes the Chinese President Xi Jinping, who openly said that Asians should run Asia. The Chinese Premier also promotes an industrial core Chinese economic system. 

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