Washington, DC has seen no shortage of events, conferences, and discussions on the Transpacific Partnership (TPP). The TPP is a free trade agreement (FTA) currently under negotiation by Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S., and Vietnam. The TPP is intended to be a comprehensive and high-standard FTA specifically targeted at 21st century trade issues. If successfully negotiated, the TPP would become the largest FTA in the world. Thus, CSIS has held a series of discussions highlighting challenges and opportunities the TPP presents. On July 24th, CSIS held a conference on TPP and the digital economy.
The expert panel included the VP of the National Foreign Trade Council, Jake Colvin; international trade attorney, Gary Horlick; Public Policy & Government Relations Senior Counsel at Google, Johanna Shelton; and Director of the Trade and NAFTA at the Mexican Embassy, Kenneth Smith Ramos.
The digital economy, ecommerce rules and regulations, and cyber security are a focal point in TPP negotiations. There are 2.5 billion people on the internet today. Further, many of the new and future users of the internet will be on smartphones. This represents a burgeoning opportunity for commerce.
The internet presents a great economic opportunity for small companies and small countries. Neither companies nor countries need to invest a large amount of capital for new opportunities. For example, if the TPP comes to fruition, Vietnam will see a dramatic increase in exports due its integration into the digital economy of TPP nations, especially the U.S. Many of speakers highlighted how small business with niche markets is more successful because of the increased flow of information across the globe.
The U.S. has a more solid legal architecture and framework surrounding the digital economy than most of the TPP members. Creating similar rules and regulations across TPP nations will foment a more stable digital economic environment full of opportunities, according to all of the panelists. Online payment systems and financial systems will be able to proliferate. Much of the revenue for media such as music, movies, and video games is coming through the digital realm. A singular set of rules and regulations on intellectual property rights would also increase the amount of digital products to many markets.
One audience member questioned why Australia had raised counterproposal to rules on intellectual property rights and data flows. He asked the panelists if privacy was a problem for the Australians and New Zealanders. The panelists did not disagree and shifted the discussion to another topic.
On the legislative side of things, Horlick described why this multilateral FTA has a better chance of passing the U.S. Congress, and any other government—because every member country is excited to gain access to many other markets. He continued on this path saying that many U.S. industries are excited to gain access to multiple foreign markets and will press Congressional members to sign off on the deal.
Every single panelist presented the TPP as a huge opportunity to create a great environment for the digital economy.
Photo: The Lisbon Council (cc).
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The TPP and the Digital Economy
August 1, 2013
Washington, DC has seen no shortage of events, conferences, and discussions on the Transpacific Partnership (TPP). The TPP is a free trade agreement (FTA) currently under negotiation by Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S., and Vietnam. The TPP is intended to be a comprehensive and high-standard FTA specifically targeted at 21st century trade issues. If successfully negotiated, the TPP would become the largest FTA in the world. Thus, CSIS has held a series of discussions highlighting challenges and opportunities the TPP presents. On July 24th, CSIS held a conference on TPP and the digital economy.
The expert panel included the VP of the National Foreign Trade Council, Jake Colvin; international trade attorney, Gary Horlick; Public Policy & Government Relations Senior Counsel at Google, Johanna Shelton; and Director of the Trade and NAFTA at the Mexican Embassy, Kenneth Smith Ramos.
The digital economy, ecommerce rules and regulations, and cyber security are a focal point in TPP negotiations. There are 2.5 billion people on the internet today. Further, many of the new and future users of the internet will be on smartphones. This represents a burgeoning opportunity for commerce.
The internet presents a great economic opportunity for small companies and small countries. Neither companies nor countries need to invest a large amount of capital for new opportunities. For example, if the TPP comes to fruition, Vietnam will see a dramatic increase in exports due its integration into the digital economy of TPP nations, especially the U.S. Many of speakers highlighted how small business with niche markets is more successful because of the increased flow of information across the globe.
The U.S. has a more solid legal architecture and framework surrounding the digital economy than most of the TPP members. Creating similar rules and regulations across TPP nations will foment a more stable digital economic environment full of opportunities, according to all of the panelists. Online payment systems and financial systems will be able to proliferate. Much of the revenue for media such as music, movies, and video games is coming through the digital realm. A singular set of rules and regulations on intellectual property rights would also increase the amount of digital products to many markets.
One audience member questioned why Australia had raised counterproposal to rules on intellectual property rights and data flows. He asked the panelists if privacy was a problem for the Australians and New Zealanders. The panelists did not disagree and shifted the discussion to another topic.
On the legislative side of things, Horlick described why this multilateral FTA has a better chance of passing the U.S. Congress, and any other government—because every member country is excited to gain access to many other markets. He continued on this path saying that many U.S. industries are excited to gain access to multiple foreign markets and will press Congressional members to sign off on the deal.
Every single panelist presented the TPP as a huge opportunity to create a great environment for the digital economy.
Photo: The Lisbon Council (cc).
