12 NATIONS SIGN TRANS-PACIFIC PARTNERSHIP AGREEMENT

All 12 Pacific Rim countries have signed Trans-
Pacific Partnership (TPP) agreement in Auckland,
New Zealand making it one of the biggest trade
deals in history.
These 12 countries are: Singapore, Malaysia,
Vietnam, Brunei Darussalam, Japan, Canada,
United States, Mexico, Peru, Chile, Australia and
New Zealand.
TPP is Free Trade Area and these member
countries across the Pacific Rim are home to 800
million people and account for 40% of global
trade.
About Trans-Pacific Partnership (TPP) Agreement
Objectives of TPP: (i) Lower trade barriers
such as tariffs. (ii) Establish a common
framework for intellectual property (iii) Enforce
standards for labour law and environmental
law (iv) Establish an investor-state dispute
settlement mechanism.
The agreement aims to liberalize trade in
nearly all goods and services by eliminating
tariff and non-tariff barriers.
This will lead to creation of a unified market
like in European Union which will help different
countries in different manner.
Platform for regional integration: It seeks to
serve as a common platform for regional
economic integration.
Inclusive trade: It seeks to create favourable
inclusive trade environment so that every
member can benefit from trade.
Addressing new trade challenges: It seeks to
promote innovation, competitiveness and
productivity by addressing new issues in global
trade such as of intellectual property rights,
digital economy, ecommerce etc.
Comprehensive market access: It involves
reduction or complete elimination of tariff and
non-tariff barriers in a list of goods, services
and investments.
Regional approach to commitments: Facilities
seamless integration of economies of members
facilitating; opening markets, cross border
trade and development of production and
supply chains.

Ravi

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s