What is the Trans Pacific Partnership (TPP)?

The Trans-Pacific Partnership (TPP) is an international trade agreement between twelve countries along the Pacific Rim: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam. The purpose of the TPP is to promote trade and investment among the member countries by eliminating tariffs and other trade restrictions, while establishing common labor and environmental standards. The TPP is truly a 21st century trade agreement, as it not only addresses traditional trade issues but also goes beyond that by setting standards for labor laws, environmental regulations, and intellectual property rights. It seeks to create a more level playing field for all member countries by, for example, removing tariffs on exports to other member countries. Additionally, TPP requires member countries to abide by labor laws that protect workers rights and environmental regulations that promote sustainable practices. The TPP has the potential to significantly improve international trade in the Pacific Rim. It will lower tariffs and other trade restrictions, while simultaneously promoting a more harmonious and equitable trading system. This could have a positive effect on economic growth in all the member countries, as well as the ability to better compete in international markets. Although the deal has yet to be ratified by each country, the Trans-Pacific Partnership is a significant step forward in strengthening global trade and is worth keeping an eye on.

Related FAQs

What is the most common method to resolve international trade disputes?
What is the role of the WTO in resolving trade disputes?
What is the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs)?
What are the key benefits of the WTO Trade Facilitation Agreement?
What are the most effective ways to use international trade finance?
What is the Fair Labor Association (FLA)?
What are the disadvantages of increasing trade barriers?
What are the benefits of free trade agreements?
What is the most important legal document governing the global trading system?
What is the North American Free Trade Agreement (NAFTA)?

What is the Trans Pacific Partnership (TPP)?

Related FAQs

Related Blog Posts