Hopes are high that the Trans-Pacific Partnership may finally be worked out thanks to the recent passage in the U.S. Congress of a crucial trade bill. But negotiation sources warn that the ambitious free trade agreement is still hanging in the balance.
Countries participating in negotiations for the proposed TPP — a key part of U.S. policy to focus on the Asia-Pacific region — have long been waiting for the enactment of the legislation known as trade promotion authority (TPA).
As the TPA will allow U.S. President Barack Obama to sign trade deals by only asking for a yes or no vote in Congress, negotiating countries are now expected to engage in bolder bargaining without fearing that U.S. lawmakers could then tear apart the deal.