Trade Compliance

GHY discusses changes to international trade regulations and explores cutting-edge compliance strategies.

Secrets in Trade

Posted January 10, 2014

A US-led trade deal is currently being negotiated that could increase the price of prescription drugs, weaken financial regulations and even allow partner countries to challenge American laws. But few know its substance.

The pact, the Trans-Pacific Partnership (TPP), is deliberately shrouded in secrecy, a trade deal powerful people, including President Obama, don't want you to know about. Over 130 Members of Congress have asked the White House for more transparency about the negotiations and were essentially told to go fly a kite. While most of us are in the dark about the contents of the deal, which Obama had aimed to seal by year-end 2013, corporate lobbyists are in the know about what it contains.

And some vigilant independent watchdogs are tracking the negotiations with sources they trust, including Dean Baker and Yves Smith, who joined Moyers & Company last November. Both have written extensively about the TPP and tell Bill the pact actually has very little to do with free trade.

Instead, says Dean Baker, co-director of the Center for Economic and Policy Research, “This really is a deal that's being negotiated by corporations for corporations and any benefit it provides to the bulk of the population of this country will be purely incidental.” Yves Smith, an investment banking expert who runs the Naked Capitalism blog adds: “There would be no reason to keep it so secret if it was in the interest of the public.”

Source:  Moyers & Company | Public Affairs Television, Inc.