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TABLE OF CONTENTS ACCEPTANCE PAGE...................................................................................... i DISCLAIMER................................................................................................... ii ACKNOWLEDGEMENTS.............................................................................iii ABSTRACT ....................................................................................................... v LIST OF FIGURES .......................................................................................... x LIST OF TABLES ............................................................................................ x ABBREVIATIONS .......................................................................................... xi CHAPTER 1: INTRODUCTION………….................................................... 1 1.1 Concept of Economic Integration............................................................ 2 1.2 Significant of the study ............................................................................. 3 1.3 Research problem: The perception of small and mediumsized enterprises about the TransPacific Partnership................................................ 6 1.4 Contribution of the study ......................................................................... 7 1.4.1 Theoretical and methodological contributions..................................... 7 1.4.2 Practical contributions.......................................................................... 7 1.5 Research questions .................................................................................... 8 1.6 Structure of the study ............................................................................... 8 CHAPTER 2: LITERATURE REVIEW.......................................................... 9 2.1 An overall picture on Vietnam’s small and mediumsized enterprises9 2.2 The TransPacific Partnership and its highlighted features............... 12 2.3 The TranPacific Partnership’s commitments in relation to small and mediumsized enterprises ............................................................................. 14 vii 2.4 The empirical research on the perception of the enterprise about international integration............................................................................... 15 2.4.1 The ASEAN Economic Community: A Work in Progress................ 15 2.4.2 The awareness of Vietnamese enterprises about international economic integration.................................................................................. 17 2.4.3 The Vietnam Provincial Competitiveness Index 2014 and the Vietnam Provincial Competitiveness Index 2015....................................... 19 Conclusions for Chapter 2............................................................................. 22 CHAPTER 3: RESEARCH METHODOLOGY ........................................... 23 3.1 Research design ....................................................................................... 23 3.1.1 Research site....................................................................................... 23 3.1.2 Time frame ......................................................................................... 23 3.1.3 Objects of study.................................................................................. 24 3.1.4 Sample and Sampling technique ....................................................... 24 3.1.5 Data collection.................................................................................... 25 3.1.5.1 Primary Data collection ................................................................. 25 3.1.5.2 Secondary Data collection .............................................................. 26 3.1.6 Methods of data analysis and presentation of results ……..……. ... 26 3.2 Hypotheses of the study ......................................................................... 27 3.3 Limitations of study ................................................................................ 27 Conclusion for chapter 3 ............................................................................... 29 CHAPTER 4: DATA ANALYSIS AND INTERPRETATION.................... 30 4.1 Sample features ....................................................................................... 30 4.1.1 Position of the interviewee................................................................. 30 4.1.2 Economic sector ................................................................................. 31 viii 4.1.3 Business scale..................................................................................... 31 4.1.4 The main market................................................................................. 32 4.2 The general perception about the TransPacific Partnership ............ 33 4.2.1 The interest level in the TransPacific Partnership............................ 33 4.2.2 Understanding of businesses on specific terms in the TransPacific Partnership................................................................................................... 35 4.2.3 Understanding of businesses on chapter for small and mediumsized enterprises.................................................................................................... 36 4.2.4 Impact of the TransPacific Partnership............................................. 37 4.2.5 Preparation for the TransPacific Partnership.................................... 38 4.2.6 Change in company‟s business strategy............................................. 39 4.2.7 Readiness for the integration.............................................................. 40 4.3 The specific perception of small and mediumsized about the TransPacific Partnership........................................................................................ 40 4.3.1 The negotiation process of the TransPacific Partnership ................. 40 4.3.2 The official signing of the TransPacific Partnership........................ 41 4.3.3 The most interested content ............................................................... 42 4.3.4 Preparation for the TransPacific Partnership.................................... 43 4.3.5 The opportunities and challenges....................................................... 43 4.4 The factor affecting the awareness of the small and mediumsized on the TransPacific Partnership...................................................................... 44 Conclusions for Chapter 4............................................................................ 48 CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS................. 49 5.1 Conclusions .............................................................................................. 49 5.2 Hypothesis testing.................................................................................... 51 5.3 Recommendations ................................................................................... 51 ix 5.3.1 Recommendations for enterprises...................................................... 52 5.3.2 Recommendations for professional associations ............................... 52 5.3.2 Recommendations for policy makers................................................. 53 5.4 Suggestions for future work ............................................................... 53 APPENDICES ................................................................................................... 54 The Appendix 1 (for indepth interviews): The perception of small and mediumsized enterprises about the TransPacific Partnership: the case study in Hanoi in 2016 .................................................................................. 55 The Appendix 2 (for questionnaires – Vietnamese version) ..................... 59 The Appendix 3 (for questionnaires – English version) ............................ 66 REFERENCES .................................................................................................. 73
MINISTRY OF FOREIGN AFFAIRS DIPLOMATIC ACADEMY OF VIETNAM FACULTY OF INTERNATIONAL ECONOMICS BACHELOR’S THESIS Student : Nguyễn Văn Bảo Class : KT39A Hanoi – 2016 MINISTRY OF FOREIGN AFFAIRS DIPLOMATIC ACADEMY OF VIETNAM FACULTY OF INTERNATIONAL ECONOMICS BACHELOR’S THESIS THE PERCEPTION OF SMALL AND MEDIUM-SIZED ENTERPRISES ABOUT THE TRANS-PACIFIC PARTNERSHIP: THE CASE STUDY IN HANOI IN 2016 Supervisor : M.A Nguyễn Thị Huyền Student : Nguyễn Văn Bảo Class : KT39A Hanoi – 2016 ACCEPTANCE PAGE I hereby state that I: Nguyễn Văn Bảo from class KT39A, Diplomatic Academy of Vietnam, being a candidate for the degree of Bachelor of Arts accept the requirements of the Diplomatic Academy of Vietnam relating to the retention and use of Bachelor’s Graduation Paper deposited in the library In terms of these conditions, I agree that the origin of my paper deposited in library should be accessible for the purposes of the study and research, in accordance with the normal conditions established by the librarian of the care, loan or reproduction of the paper Student Nguyễn Văn Bảo i DISCLAIMER I hereby declare that this graduation paper is my own original work and has not been submitted before to any institution for assessment purposes Further, I have acknowledged all sources used and have cited them in the reference section Student Nguyễn Văn Bảo ii ACKNOWLEDGEMENTS The writing of this graduation thesis has been a challenging but most rewarding experience This would not have been possible without the support of many advisors, friends and family First and foremost, I would like to express my deepest gratitude to my primary advisor M.A Nguyen Thi Huyen for her invaluable guidance and advice in the process of research and thesis development Her suggestions have enabled constant improvement and refinement of the thesis and her encouragement has helped me brave the rough time when things did not seem to go in the right direction I would also like to send my warmest thanks to the lecturers of Faculty of International Economics at Diplomatic Academy of Vietnam, especially Assoc Prof Dr Dang Hoang Linh for bringing me the chance to write up the thesis and for providing me with profuse valuable knowledge which is not only useful for me in writing thesis but also certainly for my future career Getting through my thesis required more than academic support, and I have many, many people to thank for helping me over the last few months Special thanks go to Mr Van Nguyen, Vice Chairman of Hanoi Supporting Industries Business Association, and M.A Ha Cong Anh Bao, Vice Dean of Faculty of Law, Foreign Trade University I cannot thank enough Jason Xu, my best friend from Australia He has been a great mentor and friend offering patient advice and guidance throughout the research process I would like to send my special thanks to the Journalist for Commerce Newspaper Ms Nguyen Minh Thu and Ms Do Duc Hanh for sharing with me my worries, giving me their experience and guidance all along the way I am extremely thankful for all my friends, classmate, and six-mix band for always being supportive, sharing and caring of me throughout the duration of the thesis iii Many thanks to the interviewees of the company for taking time and energy to participate in this study and in the interview, and to share valuable information so generously Most of all, I would like to thank my family for the freedom, support and love they have showered me with throughout these years, in both good times and difficult times They have given me the strength and courage to mount greater heights and pursue my dreams, wherever they may be Student Nguyễn Văn Bảo Hanoi, May 2016 iv ABSTRACT With a desire to acquire a better understanding of international economic integration, I have decided to investigate the perception of small and mediumsized enterprises about the Trans-Pacific Partnership Existing literature has provided a great deal of information related to the Trans-Pacific Partnership, however, there remains a dearth of research concentrating on awareness of enterprises, especially small and medium-sized ones My research addresses such literature gap by conducting a survey including in-depth interviews with successful and reputable company leaders in Hanoi Apart from these interviews, quantitative and qualitative method are used to provide the empirical results for my paper My findings suggest that Vietnamese businesses should be properly educated and fully aware of the Free Trade Agreements in the context of globalization and international integration Furthermore, businesses should prepare well for intensive integration aimed at taking advantage of the opportunities as well as overcoming any challenges More broadly, these results would be useful for businesses, the state agencies and policy makers Keywords: Perception, Trans-Pacific Partnership, Small and mediumsized enterprises, International economic integration v TABLE OF CONTENTS ACCEPTANCE PAGE i DISCLAIMER ii ACKNOWLEDGEMENTS iii ABSTRACT v LIST OF FIGURES x LIST OF TABLES x ABBREVIATIONS xi CHAPTER 1: INTRODUCTION………… 1.1 Concept of Economic Integration 1.2 Significant of the study 1.3 Research problem: The perception of small and medium-sized enterprises about the Trans-Pacific Partnership 1.4 Contribution of the study 1.4.1 Theoretical and methodological contributions 1.4.2 Practical contributions 1.5 Research questions 1.6 Structure of the study CHAPTER 2: LITERATURE REVIEW 2.1 An overall picture on Vietnam’s small and medium-sized enterprises9 2.2 The Trans-Pacific Partnership and its highlighted features 12 2.3 The Tran-Pacific Partnership’s commitments in relation to small and medium-sized enterprises 14 vi 2.4 The empirical research on the perception of the enterprise about international integration 15 2.4.1 The ASEAN Economic Community: A Work in Progress 15 2.4.2 The awareness of Vietnamese enterprises about international economic integration 17 2.4.3 The Vietnam Provincial Competitiveness Index 2014 and the Vietnam Provincial Competitiveness Index 2015 19 Conclusions for Chapter 22 CHAPTER 3: RESEARCH METHODOLOGY 23 3.1 Research design 23 3.1.1 Research site 23 3.1.2 Time frame 23 3.1.3 Objects of study 24 3.1.4 Sample and Sampling technique 24 3.1.5 Data collection 25 3.1.5.1 Primary Data collection 25 3.1.5.2 Secondary Data collection 26 3.1.6 Methods of data analysis and presentation of results …… …… 26 3.2 Hypotheses of the study 27 3.3 Limitations of study 27 Conclusion for chapter 29 CHAPTER 4: DATA ANALYSIS AND INTERPRETATION 30 4.1 Sample features 30 4.1.1 Position of the interviewee 30 4.1.2 Economic sector 31 vii 4.1.3 Business scale 31 4.1.4 The main market 32 4.2 The general perception about the Trans-Pacific Partnership 33 4.2.1 The interest level in the Trans-Pacific Partnership 33 4.2.2 Understanding of businesses on specific terms in the Trans-Pacific Partnership 35 4.2.3 Understanding of businesses on chapter for small and medium-sized enterprises 36 4.2.4 Impact of the Trans-Pacific Partnership 37 4.2.5 Preparation for the Trans-Pacific Partnership 38 4.2.6 Change in company‟s business strategy 39 4.2.7 Readiness for the integration 40 4.3 The specific perception of small and medium-sized about the TransPacific Partnership 40 4.3.1 The negotiation process of the Trans-Pacific Partnership 40 4.3.2 The official signing of the Trans-Pacific Partnership 41 4.3.3 The most interested content 42 4.3.4 Preparation for the Trans-Pacific Partnership 43 4.3.5 The opportunities and challenges 43 4.4 The factor affecting the awareness of the small and medium-sized on the Trans-Pacific Partnership 44 Conclusions for Chapter 48 CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS 49 5.1 Conclusions 49 5.2 Hypothesis testing 51 5.3 Recommendations 51 viii 1.Có 2.Không 3.Không ý kiến TPP Công ty có chiến lược kinh doanh thay đổi cho việc Hội nhập TPP? 1.Thay đổi hoàn toàn 2.Thay đổi 3.Thay đổi 4.Hoàn toàn 5.Không nhiều không thay đổi ý kiến TPP Nhìn chung, Công ty sẵn sàng hội nhập kinh tế thời TPP? Đã sẵn sàng Chưa sẵn sàng Lưỡng lự Không biết III NHẬN THỨC CỤ THỂ Hiệp định TPP thức ký kết vào năm nào? 2010 2015 2016 Khác: … Việt Nam tham gia đàm phán TPP vào năm nào? 2006 2011 2010 Khác: … Nội dung Hiệp định TPP mà Quý vị quan tâm nhất? Hàng rào thuế quan Đầu tư Lao động Không biết Môi trường Khác: ……… Sở hữu trí tuệ 61 Khi tham gia hiệp định TPP, thuế nhập nước hàng Việt Nam giảm đến mức 0% Theo Quý vị, kim ngạch xuất sang thị trường tăng mạnh nhất? Hoa Kỳ Úc Singapore Khác: ……… Khi tham gia hiệp định TPP, thuế nhập nước hàng Việt Nam giảm đến mức 0% Theo Quý vị, mặt hàng có kim ngạch xuất tăng mạnh nhất? Dệt may Nông sản Da giày Đồ gỗ Thủy sản 6.Mặt hàng khác:……… Theo Quý vị, doanh nghiệp gia tăng nhập nguyên vật liệu từ thị trường Hoa Kỳ New Zealand Malaysia Khác: ……………… Ý kiến quý vị nội dung Hiệp định TPP? (Gồm mức độ: từ mức (1) “Hoàn toàn không đồng ý” mức (5) “Hoàn toàn đồng ý”) Nội dung 1 Xóa bỏ hàng rào thuế rào cản (mức thuế gần 0%) cho hàng hóa dịch vụ nước thành viên với lộ trình ngắn 2.Các sản phẩm phải đáp ứng quy tắc xuất xứ riêng theo quy định TPP để hưởng thuế quan ưu đãi 3.Tăng mức độ bảo hộ quyền sở hữu trí tuệ cao so với WTO hình thức xử phạt nghiêm khắc Thúc đẩy tham gia doanh nghiệp nhỏ vừa vào thương mại 5.Hướng đến tự đầu tư vốn, công nghệ lao động có 62 tay nghề 6.Các quy định nhằm bảo đảm quyền lợi người lao động 7.Các doanh nghiệp phải tuân thủ yêu cầu cao môi trường trình hoạt động kinh doanh 8.Thúc đẩy trao đổi thông tin, thúc đẩy minh bạch Thị trường dịch vụ mở rộng 10 Doanh nghiệp Nhà nước phải cạnh tranh công với doanh nghiệp tư nhân Công ty Quý vị chuẩn bị để hội nhập TPP? (được chọn tối đa ý) Nâng cao chất lượng sản phẩm Mở rộng thị trường Thay đổi chiến lược kinh doanh Thu hút nhân chất lượng cao Hợp tác với công ty khác lĩnh vực nước Hợp tác với công ty khác lĩnh vực nước Tham gia hiệp hội nghề nghiệp Đào tạo nâng cao nguồn nhân lực Không chuẩn bị 10 Không có ý kiến Hội nhập TPP đem đến cho Công ty Quý vị? Sắp xếp theo thứ tự từ 01 ( nhiều nhất) đến 05 ( nhất) Thứ tự ưu tiên Nội dung Cơ hội Thách thức Rủi ro Cạnh tranh 63 Không tác động Khác ( xin ghi rõ) ……… 10.Theo Quý vị, Doanh nghiệp nhỏ vừa Việt Nam gì? Được:………………………………………………………………… Mất:……………………………………………………………………… IV TIẾP CẬN HỘI NHẬP TPP Đánh số thứ tự ưu tiên từ (1) tố quan trọng đến hết quan trọng nguồn thông tin liên quan hiệp định TPP mà Quý vị tiếp cận, vui lòng bỏ qua nội dung không ảnh hưởng? Nội dung ảnh hưởng Thứ tự ưu tiên - Internet - Sách - Đài ( phát thanh, truyền hình), Báo - Bản thân doanh nghiệp - Hiệp hội nghề nghiệp - Định hướng, quy định Nhà nước - Đối tác kinh doanh - Giáo dục - Không có yếu tố Ý kiến Quý vị nhận định sau ( Gồm mức độ, từ mức (1) “Hoàn toàn không đồng ý” mức (5) “Hoàn toàn đồng ý) Nhận định 1 Truyền thông (Internet, tivi, báo đài…) có vai trò 64 quan trọng đến nhận thức TPP hội nhập quốc tế doanh nghiệp Định hướng Nhà nước chưa đủ tác động đến nhận thức TPP hội nhập quốc tế DN 3.Bản thân doanh nghiệp chưa quan tâm đủ đến TPP hội nhập quốc tế 4.Giáo dục ( nhà trường, sở giáo dục) chưa định hướng đủ hội nhập 5.Thiếu hiệp hội doanh nghiệp để thúc đẩy nhận thức TPP hội nhập Xin chân thành cảm ơn hợp tác Quý vị! 65 The Appendix (for questionnaire – English version) THE PERCEPTION OF SMALL AND MEDIUM-SIZED ENTERPRISES ABOUT THE TRANS-PACIFIC PARTNERSHIP THE CASE OF HANOI IN 2016 Votes: Dear Mr/Ms Ladies and Gentlemen, The Trans-Pacific Partnership (TPP) is an economic and trade agreement among 12 countries in the Asia - Pacific as a 21stcentury agreement The purpose of this survey is to assess perception of SMEs about the TPP We appreciate your cooperation by answering the following questions If you are not sure about your answer, please give us your BEST POSSIBLE ANSWER We are committed to keeping your documents secure and will only utilized for the purpose of scientific research Thank you for your participation I BUSINESS MODEL Name of Company: Full Name: Title: Telephone number: Fax Email: Address (Head Office): The main services/products you offer: What sector are you or your company involved in? 66 Industry and construction Services and commercial Agriculture, forestry and fishery Other:………… What is your company’s size? From - 10 people From 101-200 people From 11- 100 people From 201-300 people What is your company’s type of business? State-owned Enterprise Foreign invested Enterprise Private Enterprise Others:…………… Which of the following markets is the company turning to? Domestic market The countries joining TPP Other international markets: ………… II GENERAL PERCEPTION Are you interested in the TPP? 1.Extremely 2.Quite Slightly Not at all Do not interested interested interested interested know TPP Do you know the specific terms of the TPP? 1.Yes 2.Somewhat 3.No 4.No idea TPP How has the TPP in general affected your company financially? 67 1.Extremely 2.Marginal Not sure Not at all affected TPP Is your company preparing to join TPP? 1.Yes 2.No 3.No idea TPP How will your company’s business strategy change if it is joining the TPP? 1.Complete 2.Significant 3.Small 4.No change change change change 5.No idea TPP Overall, is your company ready for economic integration of the TPP? Ready Not Ready Wavering Do not know III SPECIFIC PERCEPTION When was the TPP officially signed? 2015 2010 2016 Other: …… When did Vietnam join the TPP negotiations? 1.2011 2006 2.2010 Other: … 68 Which of the following content of the TPP you concern most? Tariff barriers Investment Labor Do not know Environment Other: Intellectual property According to you, which of the following markets that export turnover may increase the most? The United States Australia Singapore Other: According to you, which of the following goods, that are exported, will increase the most? Textile Agricultural products Leather Joinery Fisheries 6.Other: According to you, which of the following markets will the business increasingly import raw materials from? The United States 3.New Zealand Malaysia 4.Other: What is your opinion on the contents of the TPP? (Including levels: from the level (1) is “strongly disagree” (2) “Somewhat disagree” (3) “Neither agree nor disagree” (4) “Somewhat agree” to the point (5) is “strongly agree” ) 69 Content The TPP eliminates or reduces of tariff and non-tariff barriers across substantially all trade in goods and services The products must meet the rules of origin aimed at receiving TPP preferential tariff benefits The level of protection of intellectual property rights is higher than the WTO as well as the form of strict sanctions To promote the participation of small and mediumsized enterprises in trade Toward liberalization of capital investment, technology, and skilled labor 6.Provisions aimed at ensuring employees' rights 7.The business will have to comply with higher requirements on the environment in the process of business operations Promote information exchange and promote transparency The services market is expanded 10.State-owned enterprises will have to compete fairly with private businesses How has your company been preparing for integrating the TPP? ( Select Three) Improving the quality of products Market expansion Change the business strategy Attracting high-quality personnel 70 Cooperation with other domestic companies Cooperation with other foreign companies Participation in professional associations Training and Development Human Resources No preparations 10 No ideas Integration the TPP gives your company Arranged in order from 01 (highest) to 05 (at least) Content Priority Opportunities Challenges Risk Competition No impact Other:…… 10 According to you, what will SMEs in Vietnam achieve and/or lose? Achievement:………………………………………………………………… Loss: IV ACCESS TO INTEGRATION THE TPP Mark the priority order from (1) is the most important to the least important of all the relevant information sources on TPP that you access Please disregard anything unrelated to you Affected contents Priority order The Internet 71 Books Television, radio, and newspaper Business Professional associations Orientation and regulations of the State Business Partners Education None of the above factors What is your opinion about the following statements? (Including levels, from level (1) is "strongly disagree" to the point (5) is "strongly agree) 1 Communication (the Internet, television, radio ) have an important role to increase perception of the TPP and international integration of enterprises The orientation of the State does not impact enough perception about the TPP and international integration of enterprises Enterprises not care enough about TPP and international integration Education (school, educational institution) has not correctly and fully oriented on integration Lack of business associations to promote perception about the TPP and international integration We sincerely thank you for your time! 72 REFERENCES Reference sources from Vietnamese documents Decree No.56/2009/ND-CP dated 30/6/2009 on assistance to the development of SMEs Do Duc Binh, Ngo Thi Tuyet Mai (2012), Giáo trình Kinh tế quốc tế (International Economics), National Economic University Publishing House, Hanoi Gian Tu Trung (2015), Nhận thức hội nhập kinh tế quốc tế Doanh nghiệp Việt Nam (The awareness of enterprises on international economic integration), PACE Institute of Management Reference sources from English documents The TPP Full Text Edmund Malesky (2014), The Vietnam Provincial Competitiveness Index, Labour Publishing House, Hanoi Edmund Malesky (2015), The Vietnam Provincial Competitiveness Index, Labour Publishing House, Hanoi Pham Thi Thu Hang, Vu Tien Loc (2016), Vietnam Business Annual Report 2015, Information and Communications Publishing House, Hanoi Le Hong Hiep (2015), The TPP‟s Impact on Vietnam: A Preliminary Assessment, SEAS Perspective, No 63 Issue, 04/11/2015 Miroslav N Jovanovic (2006), The Economics of International Integration, Edward Elgar Publishing 10 Sanchita Basu Das, Jayant Menon, Rodolfo C Severino, Omkar Lal Shrestha (2013), The ASEAN Economic Community: A Work in Progress, Institute of Southeast Asian Studies and Asian Development Bank 11 OECD (2004), Promoting SMEs for development: The Enabling Environment and Trade and Investment Capacity Building, p.10 73 Reference source from Internet 12 Daniel Halper, Obama: Trade Deal '40 Percent of the Global Economy', Weeklystandard, http://www.weeklystandard.com/obama-trade-deal-40-percent-ofthe-global-economy/article/1041800, last accessed on March 15th , 2016 13 John Boudreau, The Biggest Winner From TPP Trade Deal May Be Vietnam, Bloomberg, http://www.bloomberg.com/news/articles/2015-10-08/more-shoesand-shrimp-less-china-reliance-for-vietnam-in-tpp, last accessed on March 06th, 2016 14 Joseph Sipalan, Protesters hit the streets to oppose Malaysia signing TPP, reuters ,http://in.reuters.com/article/malaysia-protesttpp-idINKCN0V109K , last accessed on May 1st, 2016 15 Anh Phuong, Doanh nghiệp Việt hụt hội nhập, The voice of Vietnam, http://vov.vn/kinh-te/doanh-nghiep/doanh-nghiep-viethut-hoi-trong-hoi-nhap-397674.vov, last accessed on April 9th, 2016 16 Duy Phuong “Doanh nghiệp vừa nhỏ - Mạnh lượng, yếu chất”, Chứng khoán Tân Việt, http://finance.tvsi.com.vn/News/201548/312865/doanh-nghiep-vuava-nho-manh-ve-luong-yeu-ve-chat.aspx, last accessed on March 21st, 2016 17 Publiccitizen, http://www.citizen.org/TPP, Trans-Pacific Partnership (TPP): More Job Offshoring, Lower Wages, Unsafe Food Imports, last accessed on March 22nd, 2016 18 Rebecca Howard, Trans-Pacific Partnership trade deal signed, but years of negotiations still to come, reuters, http://uk.reuters.com/article/us-trade-tpp-idukkcn0vd08s, 74 last accessed on March 10th, 2016 19 SCMP, The risks are too high': Hillary Clinton in U-turn as she opposes new Trans-Pacific Pact, The South China Morning Post, http://www.scmp.com/news/world/article/1865119/clinton-opposesnew-trans-pacific-pact, last accessed on May 1st, 2016 20 USTR, Summary of the Trans-Pacific Partnership Agreement, https://ustr.gov/about-us/policy-offices/press-office/pressreleases/2015/october/summary-trans-pacific-partnership, last accessed on April 4th, 2016 75