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06 October, 2015

Trans-Pacific free trade deal agreed: Another victory for the banking and corporate cartels

The world's biggest ever trade deal was signed into existence on Monday. The Trans-Pacific Partnership (TPP) cuts trade tariffs and sets common standards in trade for 12 Pacific rim countries, including the US and Japan.”

It marks the end of five years of often bitter and tense negotiations. Supporters say it could be worth billions of dollars to the countries involved but critics say it was negotiated in secret and is biased towards corporations.”

The deal covers about 40% of the world economy and was signed after five days of talks in Atlanta in the US. Despite the success of the negotiations, the deal still has to be ratified by lawmakers in each country.”

China was not involved in the agreement, and the Obama administration is hoping it will be forced to accept most of the standards laid down by TTP.”


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