The secret text of the Trans-Pacific Partnership (TPP) trade agreement has finally been made public. No time has been lost in debating its terms. Congress adopted a “fast track” procedure that limits floor debate and bans the filibuster and any consideration of amendments to the legislation required to implement the agreement by changing American law. President Barack Obama would like a vote by the end of this year. However, due to a short and crowded schedule, Congress is unlikely to get to the issue until next year. Thus, everyone will have time to voice opinions and interpretations.
Before getting into the specific details of the text, one thing must be understood from the outset. TPP is not about “free trade” in the sense of that great sophistry of economic theory. If this was about academic notions it would not have taken diplomats from 11 countries six years to negotiate its terms (after earlier attempts collapsed). As Alexander Hamilton noted, “There are some who maintain that trade will regulate itself [but] this is one of those speculative paradoxes…rejected by every man acquainted with commercial history.” Each nation entered the talks with the objective of gaining an advantage for its own interests. The verdict on the TPP should rest entirely on whether sober analysis concludes that the agreement promises net gains to U.S.-based producers.