Obama Just another puppet For the Mutlinational Corporations

Barack Obama was given the authority he has long sought to expedite negotiations for a massive trade deal with countries on the Pacific rim, propelling the US toward a landmark agreement that, both proponents and critics agree, will reshape the global economy.

The Republican-controlled Senate finally passed legislation on Wednesday that gives the president the power to “fast-track” negotiations with the 11 other countries party to the Trans-Pacific Partnership.

The vote, which passed 60-38, was a significant victory for multinational corporations which have been lobbying hard for a trade agreement expected to lower tariffs and create new regulations for sectors as diverse as agriculture, banking and the pharmaceutical industry.

But critics of the deal question those calculations, and point to the risk of unintended consequences of allowing profit-driven corporations a hand in drafting and enforcing regulations. Leaked documents from the negotiations, intermittently released by WikiLeaks in recent months, have sparked alarm among environmentalists and global health organisations.

On the broader issue of regulations, advocates argue the Pacific accord will raise standards abroad in places like Vietnam and Peru, while critics predict a lowering of standard for US businesses struggling to remain competitive.