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US, Japan and 10 other Pacific Rim nations marks landmark deal – Deutsche Bank

FXStreet (Delhi) – Jim Reid, Research Analyst at Deutsche Bank, notes that the US, Japan and ten other Pacific Rim nations have, after five years of work, come together to reach an accord on the Trans-Pacific Partnership.

Key Quotes

“The trade pact, which is still subject to legislative approval by each country is set to cover 40% of the global economy and is the biggest trade deal the US has been part of since the North America Free Trade Agreement in 1994.”

“The merits and implications of the pact will no doubt be scrutinized in due course with the finer details still to be announced, although Abenomics has been given a clear boost with the deal a key part of PM Abe’s three-arrow strategy, while the FT is suggesting that the pact will likely face parliamentary opposition in Australia and Canada in particular.”

“There’s set to be some tension in US Congress too, with the likes of Ford Motor instead urging the Government to implement ‘strong and enforceable currency rules’ over concerns that Japanese carmakers will likely benefit under the agreement from further weakness in the Yen.”

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