iPredict

US Congress to ratify TPP before 1 July 2016

Long Description

This contract pays $1 if the United States Congress ratifies a Trans Pacific Partnership Agreement, including tariff reduction and near-comprehensive service coverage (important: see below), before the start of 1 July 2016. Otherwise this contract pays $0.

Judging Criteria 

1. The contract pays $1 if the United States Congress ratifies a Trans Pacific Partnership (TPP) Agreement, that meets the tests below, before 1 July 2016.

2. "Ratifies" means any ratification process which is regarded as legal and constitutional by the US Supreme Court, and which is generally recognised by the other signatories to the TPP, including the New Zealand Government.

3. Such a ratification process could be the process outlined by the Senate under Article 2 Section 2 of the US Constitution; or the passage of a "congressional-executive agreement" described by the Congressional Research Service; or any other process that meets the test in (2) above.

4. The TPP which is ratified must include the United States and New Zealand, and at least five of Australia, Brunei Darussalam, Chile, Peru, Singapore, and Viet Nam. The contract is unaffected if other countries are part of the agreement.

5. The TPP which is ratified must:
a. For goods, include an agreed and legally binding schedule of tariff reductions covering all goods traded between the parties for which tariffs still apply at the launch of the contract (approximately 11,000 tariff lines)
and
b. For services, operate on a "negative list" basis, where all service sectors are covered to ensure comprehensive coverage but where allows countries may have or be able to negotiate specific exceptions to commitments in specific service sectors.

6. Information on the TPP can be found at the New Zealand Ministry of Foreign Affairs & Trade and the Office of the US Trade Representative.

7. iPredict reserves the right to delay closing in order to seek advice on whether the terms of this contract are met.

8. iPredict would also elect to hold the contract open should it become aware of litigation launched in the United States to seek a judicial ruling on the legality of constitutionality of the ratification process.

9. By trading this stock, traders agree iPredict's decision on all matters is final.

10. Dates and times US Eastern Standard Time.

This contract will be closed no later than 3 working days after the Close Date. The Close Date may be extended if the event outcome cannot be determined by that date.