A substandard TPP is far worse than no agreement at all, as it could harm American competitiveness and innovation for decades to come.
Washington, DC (PRWEB) December 02, 2013
The Information Technology and Innovation Foundation (ITIF) has released a comprehensive analysis of the Trans Pacific Partnership (TPP) trade agreement, outlining specific policy recommendations for U.S. negotiators as the 12 nations comprising the TPP look to wrap up talks. The report, Concluding a High-Standard, Innovation-Maximizing TPP Agreement, presents a blueprint for the U.S. to ensure the greatest possible value out of the sweeping trade deal and urges against compromises that could weaken American innovation.
“A substandard TPP is far worse than no agreement at all, as it could harm American competitiveness and innovation for decades to come,” says Michelle Wein, research analyst with ITIF and co-author of the report. “The TPP can be a model trade agreement that maximizes innovation and promotes economic growth for all member countries, but to do so it must protect intellectual property, eliminate non-tariff barriers to trade, and ensure the free flow of information across borders.”
Specific policy prescriptions detailed in the report include:
- Overall strengthening of intellectual property rights protections
- Elimination of all tariffs on trade in innovation industries
- Require TPP countries to join the WTO's Information Technology Agreement
- Require TPP countries to join the Government Procurement Agreement
- Liberalize trade in innovative services, especially telecommunication services
- Enshrine 12 years of data exclusivity for biopharmaceutical products
- Outlaw the use of local content requirements
- Lower all barriers to Foreign Direct Investment