IMF urges U.S. to ratify TPP trade deal

By Sputnik International   June 22, 2016 | 10:53 pm PT
The U.S. government should ratify the Trans Pacific Partnership (TPP) free trade agreement and reach a trade deal with the European Union to address existing economic challenges, the International Monetary Fund (IMF) said in a report on Wednesday.

"The IMF’s staff recommends the following policy actions… ratify the Trans Pacific Partnership, conclude a trade and investment treaty with Europe, and resist all forms of protectionism," the report stated.

In October, 12 countries of the Pacific Rim region, including the United States and Canada, reached an agreement on the TPP trade deal, intended to deregulate trade among the signatories, which together make up some 40 percent of the world economy. The deal has yet to be ratified by the signatory countries.

Since 2013, the United States has also been negotiating the Transatlantic Trade and Investment Partnership (TTIP) deal with the European Union, which involves the creation of a free trade zone. Such countries as Canada, Mexico, Switzerland, Liechtenstein, Norway and Iceland will also participate in the TTIP.

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