TPP: Not the best option [ Supachai Panitchpakdi / Nikkei Asian Review ]

Former director general of the WTO writes about the TPP, saying it is overly ambitious and not as good as other, more conventional regional trade pacts that are in the works.

link: http://asia.nikkei.com/magazine/20150820-STICKER-SHOCK/Viewpoints/Supachai-Panitchpakdi-TPP-would-be-a-2nd-best-outcome-for-Asia

[ via Naked Capitalism ]

Most importantly, Panitchpadki points out that there are existing alternatives that are a better match for existing norms of international trade, so if the TPP were not adopted, no harm would be done.

He also mentions some doubtful aspects of the TPP that are now becoming familiar:

• The heavy handed role of political and national-power considerations
• The far-reaching expansion of benefits to IP owners at the expense of their trade partners
• The unpredictable investor-vs-state dispute mechanisms

These ambitious experimental features are expected to undercut the power of nations to look out for their own, and may well backfire on signatories — hence the argument that a more conventional trade agreement is better.

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