What You Need to Know
The Trans Pacific Partnership is a trade agreement that was negotiated between twelve Pacific Rim countries covering a variety of economic matters. Completed in October 2015, after 7 years of negotiations, the agreements stated goal was “to promote economic growth; support the creation and retention of jobs; enhance innovation, productivity and competitiveness; raise living standards; reduce poverty in our countries; and promote transparency, good governance, and enhanced labor and environmental protections.”
The 12 participating countries are: Brunei, Chile, New Zealand, Singapore, Australia, Canada, Japan, Malaysia, Mexico, Peru, United States and Vietnam. Together, these countries represent 40% of global GDP and 30% of world trade. The negotiated treaty includes incentives for others to join.
Recommended Reading
- Full Text of the Agreement – Office of the United States Trade Representative
- Pacific Trade Pact Signing To Take Place In Auckland On Feb. 4 – Nikkei Asian Review
- The Economic Effects of the Trans Pacific Partnership – Peterson Institute for International Economics
