Historic Trans-Pacific Partnership (Tpp) Agreement Has Been Signed by the 12 Nations [ Current News (Concise) ]
Trans-Pacific Partnership (TPP) agreement has been signed by all 12 Pacific Rim countries in Auckland, New Zealand which is one of the biggest profession deals in history. These 12 countries are:
- Brunei Darussalam,
- United States,
- Peru, Chile,
- Australia and
- New Zealand.
TPP is Free Skill Area and these member countries in the Pacific Rim are home for 800 million people and account for 40 % of global trade.
This Trans-Pacific Partnership (TPP) Agreement is a US-led initiative, part of its so-called “Asia Pivot” or Rebalance guideline to rebalance its relationships vis-a-vis Asian state actors and a restructuring of priorities for its foreign policy creation.
About Trans-Pacific Partnership (TPP) Agreement
Objectives of TPP:
- Lower trade barriers such as tariffs.
- Establish a common framework for intellectual property.
- Enforce standards for labour law and environmental law.
- Establish an investor-state dispute settlement mechanism.
- The main aim of this agreement is to liberalize trade in approximately all goods and services by removing tariff and non-tariff barriers.
- This will create a unified market just as in European Union which will lead to help different countries in different manner.
Platform for regional integration:
- It seeks to serve as a common platform for regional economic integration.
- It looks for creative favorable complete trade environment so that every member can benefit from trade.
Addressing new trade challenges:
- It try to promote innovation, competitiveness and productivity by talking about new issues in global trade such as of logical property rights, digital economy, e-commerce etc.
Comprehensive market access:
- It aims to decrease or complete removal of tariff and non-tariff barriers such as goods, services and investments.
Regional approach to commitments:
- It also provides facility for seamless addition of economies of members facilitating; opening markets, cross border trade and development of production and supply chains.
- Published/Last Modified on: February 4, 2016