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Free traders finally got their Pacific Rim free trade agreement after a contentious six-year slog. Those who negotiated, and grew older in dog years as a result, will not vote on the final package.
Approving the deal is up to governments of each country, and if the U.S. is an indicator the battle for passage will be bruising. Even the prickly Senator Orrin Hatch, usually a reliable rock-ribbed free trade advocate and supporter of the U.S. position, warned darkly of what he perceived as serious flaws in the final accord, the full text of which nobody but the negotiators have seen and won’t for another 30 days or so.
No agreement is perfect, and the U.S. isn't and shouldn't be in a position of dictating terms to the likes of Japan, Canada and Mexico. Hopefully, TPP's opponents will come to see that there will be many benefits for small businesses, whose numbers comprise by far the largest share of exporters and importers in most of the 12 countries. There’s another strong reason for passage: U.S. exports are down, in part because of the strong dollar, and this agreement is likely to boost them.
Here are some of the pluses for SME's, which are described in a separate chapter for the first time in any of the 14 previous agreements.
Duty free or reduced duties for goods that meet the agreements’ rules of origin, generally to include some components from the originating countries. This is a big deal because U.S. companies tend to pay higher duties on their goods because we don’t have as many agreements as other countries.
A wider number of countries to source components from, potentially at cheaper prices for end users.
Member countries will be required to seek comments from affected parties within the bloc before new import regulations are imposed.
Changes in import regulations and procedures must be announced ahead of time and in plain language.
Customs procedures will be made more efficient so the goods, especially smaller high value items delivered by air, can get to destinations faster. This should boost e-commerce flows.
Countries will set de minimus limits for low value products that enter duty free, including products that don't qualify as locally originating under the agreement.
Questions about the classification of goods will be answered and rulings made faster.
Waiting for details
While all these improvements should be applauded, the press releases and summary documents announcing the agreement were short on details. Missing were timelines and processes for implementation.
The most important timeline is, of course, the next 90 days, when the U.S. Congress and legislative and executive bodies in the other 11 countries will decide whether to approve the deal. Should they do so, look for other countries to seek membership. Maybe one day, Russia, if it behaves itself.
Some provisions will be hard for other countries swallow, especially China. But that's the point. These agreements, despite all the criticism hurled against them, do bring us closer to a world whose inhabitants realize the importance of shared norms and rules-based trading systems. In short, people want to buy and sell across borders, and technology has made it easier and more necessary.
Trade agreements make it easier to do so, while causing the least amount of collateral damage. Does TPP meet this standard? We will soon find out. If the U.S. spurns this opportunity, many small businesses with great products will be less competitive.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| CRV22X/3AS NTN | 12.7 | 34.925 | 20.6 |
| CRV20X/3AS NTN | 12.7 | 31.75 | 20.6 |