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Obama: Raise the Bar for Trade

Obama: Raise the Bar for Trade

Earlier today President Obama offered insight into the motivation behind pursuing free trade agreements. With two massive trade deals on the table—the Asia-Pacific Trans-Pacific Partnership (TPP) Agreement and the U.S.-EU Transatlantic Trade and Investment Partnership (TTIP)—the stakes for American business are even higher, especially as globalization continues to pose opportunities as well as challenges in protecting intellectual property rights.

As negotiators (hopefully) see a light at the end of the tunnel in TPP negotiations, President Obama reminds us just why we, as a nation, stepped up to the table to pursue these trade deals: to raise the bar in the global economy. Excerpt of his speech below:

THE PRESIDENT:  I am confident that we can get it done, and I believe we can get it done this year.  The trade ministers should be meeting again sometime in the next several weeks.  They have the opportunity to close the deal.  Most chapters have been completed at this point.  And I’m confident that it will, in fact, accomplish our central goal, which is to make sure that we’ve got a level playing field for American businesses and American workers in the fastest-growing region of the world.

There are going to be unprecedented protections for labor standards and environmental standards, but also for IP protection, also for making sure that when any company here makes an investment, that they’re not being disadvantaged but are instead being treated like domestic companies for commercial purposes. 

And so the notion here is, is that we’ve got 11 nations who represent the fastest-growing, most populous part of the world buying into a high-standards trade deal that allows us and your companies on a consistent basis to compete.  And the good news is, is that with a lot of tough negotiating and a lot of pushing and pulling — mainly by Mr. Froman, but occasionally I get called in to lob a call into one of my counterparts — I think that we’re going to get this done…

And the argument that I have made consistently to Democrats has been that there may have been some mistakes made in past trade agreements in not, for example, having enforceable labor and environmental provisions that put American companies that are doing the right thing at a disadvantage; that there weren’t enough safeguards for intellectual property and the abuses of state-owned enterprises and subsidies that companies may have been involved with.

But that’s the status quo now.  And if you want to correct those things, we’ve got to raise the bar.  I didn’t fully persuade all my Democratic colleagues, because the politics are tough.  And I was willing to take my case to the Democratic caucus and to talk to my friends in organized labor and say that we can’t look backwards, we’ve got to look forward.  We’re going to have to compete in these areas…

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