Document Type
Book Chapter
Abstract
The Bush administration announced that it was joining the negotiationson the unfinished business of financial services and investment betweenthe parties to the Trans-Pacific Strategic Economic Partnership Agreement(or P-4) in February 2008. At that time, the sub-prime mortgage market wascollapsing; the British government had bailed out Northern Rock; and iconicUS financial institutions, such as Citigroup, Merrill Lynch and AIG, were ina precarious state.These and further signs of a systemic financial meltdown should have rungalarm bells about an agreement that would deepen the global integration offinancial markets, enhance the expansion of financial institutions that weredeemed 'too big to fail', and facilitate the trade in 'innovative' financial productsthat turned toxic. Instead of reviewing the wisdom of these agreements, theUS, Chile, Singapore, Brunei Darussalam and New Zealand governmentsengaged in three rounds of negotiations on financial services and investmentin the P-4 in March, June and September of 2008.
RIS ID
67010
Publication Details
N. Seuffert & J. Kelsey, ''The TPPA and financial sector deregulation'' in J. Kelsey(ed), No Ordinary Deal: Unmasking the Trans-Pacific Partnership Free Trade Agreement (2010) 231-245.