TPP_ TPP to proceed after Congress vote: Robb

BUSINESS SPECTATOR
 
TPP to proceed after Congress vote: Robb

AAP
4 hours ago

Trade Minister Andrew Robb believes the Trans-Pacific Partnership trade negotiations can now be finalised after the US Congress granted fast-track powers to President Barack Obama.

The president scored a major victory in his battle to include the US in the trade pact with Australia, New Zealand and nine other Pacific Rim nations, with the Senate voting 60-38 to grant fast-track authority.

"This would pave the way for the relevant ministers from the respective countries to come together in the near future with the aim of concluding these long-running negotiations," Mr Robb told AAP.

Mr Robb said the deal will be transformational and will result in seamless trade and investment across 12 countries accounting for 40 per cent of global income.

But not everyone in Canberra is as enthusiastic.

Independent senator Nick Xenophon fears the deal will be a "one-way street" and bad news for Australia.

"It is not so much a partnership but an assault on Australian sovereignty," he told reporters in Canberra.

Senate crossbencher David Leyonhjelm has some concerns about how the deal could impact on intellectual property rights, patents and copyright.

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