Trade Agreement Pacific: An Overview

The Trans-Pacific Partnership (TPP), also known as the Trade Agreement Pacific, is a proposed trade agreement among 12 countries located around the Pacific Rim. The agreement is a comprehensive free trade agreement that covers topics such as intellectual property, labor issues, environmental standards, and e-commerce.

The 12 countries involved in the TPP negotiations are Japan, Malaysia, Vietnam, Brunei, Singapore, Australia, New Zealand, Canada, Mexico, Chile, Peru, and the United States. Together, these countries represent around 40% of the world`s GDP and around one-third of global trade.

The TPP negotiations began in 2005, and the agreement was initially signed in February 2016. However, the agreement has not been ratified by all participating countries, and the United States withdrew from the TPP negotiations in 2017. As of 2021, the remaining 11 countries signed a revised version of the agreement, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The CPTPP includes the majority of the provisions from the original TPP agreement, but with some adjustments and amendments. The agreement aims to reduce barriers to trade and promote economic growth among member countries. It also includes provisions for protecting labor rights and the environment.

One of the most controversial aspects of the TPP negotiations was the inclusion of provisions related to intellectual property rights. Critics argued that these provisions would benefit large corporations at the expense of individual consumers and small businesses. However, supporters of the TPP argued that these provisions were necessary to protect innovation and promote economic growth.

Another contentious issue related to the TPP was its potential impact on jobs and wages. Some critics argued that the agreement would result in the loss of jobs in certain industries, while others argued that the agreement would lead to higher wages and increased economic growth.

Despite the controversies surrounding the TPP negotiations, the agreement represents a significant step towards greater economic integration among Pacific Rim countries. The CPTPP is currently in force among its 11 member countries, and it remains to be seen how the agreement will impact trade and economic growth in the region.