UPDATE 2-Faint corporate praise for TPP as winners, losers sought

Tue Oct 6, 2015 6:07pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Trans-Pacific Partnership free-trade deal signed on Monday

* Covers 12 Pacific Rim countries, 40 pct of world economy

* Companies say it falls sort of promised ambitions

* Some complain U.S. is biggest beneficiary (Adds details on U.S. companies' reaction, Telstra, Vietnamese shares, South Korean carmakers)

By Jane Wardell and Krista Hughes

SYDNEY/WASHINGTON, Oct 6 (Reuters) - Early industry reaction to a long-sought trade agreement reached between 12 Pacific Rim countries on Monday amounted to faint praise that it could have been worse and umbrage that the United States appeared to be the biggest winner.

The Trans-Pacific Partnership (TPP) aims to liberalise commerce across nations accounting for 40 percent of the world's economy but still needs ratification by each country.

Initial ambitions for the deal, covering products and services from kiwifruit to semiconductors, were clipped back in many areas to find agreement. There was also concern that public summaries did not disclose the detail where the devils might lurk - making it hard to quickly pick winners and losers.

U.S. companies including Citibank Inc, Honeywell International Inc and Gap Inc cheered the conclusion of a deal which is expected to bring the biggest comparative benefits Vietnam, where shares in seafood and textile companies rose after the news was announced.   Continued...