A university in the United States has found that the much-heralded Trans Pacific Partnership trade deal will cost the American economy 448,000 jobs and significantly decrease their Gross Domestic Product.
One of 12 nations in the deal, Australia signed the agreement in New Zealand last week.
The Global Development and Environment Institute at Tufts University near Boston said President Obama’s promises of sweeping economic benefits are wrong and the treaty would actually harm America.
The analysis said U.S. jobs would be “hardest hit” of all the nations in the agreement.
Meanwhile the TPP along with the National Interest Analysis was tabled in the Australian House of Representatives today prompting the Member for Kennedy and leader of Katters Australian Party, Bob Katter to form a cross bench alliance, citing the TPP as the “greatest threat to Australia’s sovereignty in decades.”
Mr Katter, Senator Glenn Lazarus and Greens’ Trade Spokesman Senator Peter Whish-Wilson fronted a joint press conference at Parliament House to oppose the ratification of the TPP, which is expected within weeks.
Whilst full details of the TPP Agreement were laid before Parliament, all three attacked the Government’s own analysis of the Agreement – an analysis which is unlikely to highlight the real losses to Australian manufacturers and producers.
“There has been a hole a mile wide torn in the sovereignty of Australia,” Mr Katter said.
“If there is a product which some foreign corporation is producing or distributing in Australia and they have invested money, then we can’t stop that product from coming in – so what is left of our sovereignty is now vanishing away.
“Andrew Robb, one of the most appropriately named Ministers that I have encountered in my time in Parliament, has greatly erred here, so maybe we should call him Rob-err.
“He has an extraordinary eagerness to please foreign corporations and to get foreign investment – but what he calls foreign investment I call the stealing of our country!
“I defy him in the last 10 years to tell me where any significant jobs have been created by foreign investment, that hadn’t already started 15-20 years ago.
“And in the last 10 years, since this fanatical free trade business has been going on, I defy them to point out to me where there has been one benefit for the Australian economy.”
Mr Katter pointed to the absurdity in the Government’s own figures published today – which cited $109 billion in sales to TPP countries, versus $1,109 of investment in Australia by TPP countries – meaning a staggering ten times more imports than exports, all of which compete with if not eradicate Australian producers and manufacturers.
“Mr Robb says that this agreement will open up avenues for Australian manufactured goods – for iron and steel, ships and auto parts to name a few.
“But manufacturing – it’s already all gone. There is no capital investment by Government, no motor vehicles produced, no white goods produced – no manufacturing left in the country.
“We allow slave labour produced goods into the country without any tariffs or restrictions on them whatsoever.
“Instead of trading aggressively and collectively, we have the weakest trading position of any country on earth.
“TheGovernment keeps pressing ahead talking about foreign investment as if it’s a good thing – when we all know it’s just selling your country off because your country’s broke, the Government’s broke, and the only way to get out of trouble is to sell off the assets,” Mr Katter said.