What is the Trans Pacific Partnership (TPP)?
The Trans Pacific Partnership (TPP) is a regional trade agreement between twelve countries in the Asia-Pacific region including the United States, Canada, Mexico, Japan, and Australia. It was created to lower barriers to trade and promote economic growth and development among the countries involved. The TPP was first proposed in 2012 and was signed in 2014, though it was not ratified by the United States Congress until 2016. The agreement greatly expands the free trade zone in the Asia-Pacific region and is expected to create new economic and trading opportunities between the countries involved. The TPP also includes provisions to protect labor rights and the environment, enforce intellectual property laws, and promote responsible practices in the production and trade of goods. It also reduces tariffs on goods and services and implements rules to prevent an unfair advantage between trading partners. In Washington, the TPP is seen as a way to increase global economic competitiveness, foster the growth of small businesses, promote the development of new technologies, create jobs, and generally benefit the economy. As the TPP enters into force and the regional economy evolves, Washington will continue to be closely involved in monitoring trade practices and ensuring that the agreement is effective.
Related FAQs
What is the World Intellectual Property Organization (WIPO)?What is the WTO Dispute Settlement Understanding?
What is the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs)?
How do countries negotiate trade agreements?
What are the advantages and disadvantages of foreign direct investment?
What is the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)?
What is currency manipulation and how does it affect international trade?
What is the Dispute Settlement Body (DSB)?
What is the most important legal document governing the global trading system?
What are the key principles of international trade law?
Related Blog Posts
Introduction to International Trade Law & Its Benefits - Key Considerations for Businesses - July 31, 2023A Comprehensive Overview of WTO Rules and Regulations - August 7, 2023
Navigating the Tangled Web of International Trade Regulation - August 14, 2023
The Different Types of International Trade Agreements - August 21, 2023
Using Investment Treaties to Facilitate Cross-Border Transactions - August 28, 2023