After negotiators failed
to complete negotiations on the Trans Pacific Partnership (TPP) agreement a few months ago in Maui, there was some concern as to whether or not they'd ever be able to finish the agreement. They called a special negotiating session in Atlanta that began last week, and was supposed to last just a few days to "iron out the details." Except that got extended. And then extended again. And after promises of an announcement last night, they apparently brought in boxes of pizza and told reporters they were going to pull an all nighter to complete the agreement.
Because, of course, when trying to complete an agreement that could reshape global norms on investment, regulations, intellectual property and a little bit of trade... staying up all night sounds like a grand idea.
And just like you after staying up all night before your college finals, negotiators think that this all-nighter worked. This morning they announced a final deal.
But also that it won't be public for maybe a month or so. And then there will be some debate over it, but thanks to Congress caving in on fast track authority, Congress has almost no ability to point out flaws in the agreement. They can only give it a clean yes or no vote. In the announcement, negotiators (not surprisingly) played up all the tariffs that will be wiped out by this agreement. That's the one part that I'm fine with. Trade tariffs are a mostly bad idea, and getting rid of them is fine. But the TPP is not about trade. That's just a pretext.