The Trans-Pacific Partnership (TPP) is a major trade deal meant to strengthen economic ties among its twelve member nations (United States, Japan, Vietnam, Malaysia, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Peru, and Chile). If the TPP were to pass in every country involved in the trade deal, it would give the countries with smaller economies the opportunity to grow at a rapid pace. This trade deal would eliminate tariffs between the member nations. Countries with cheap manufacturing labor like Malaysia and Vietnam would benefit immensely from being able to export to the massive consumer markets in the United States and Canada without any tariffs being imposed. Many of the smaller countries are looking to see if the United States will ratify the TPP. Singapore’s Prime Minister has said that America must ratify the Trans-Pacific Partnership to show it is serious about doing business in the Asian-Pacific market. Currently, it seems unlikely that the TPP will be ratified by the US Congress during Barack Obama’s presidency and both of the major US presidential candidates oppose the TPP in its current form.
globalEDGE Blog - By Tag: tpp
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The Trans-Pacific Partnership (TPP) has been a largely controversial topic from the day discussions began. As the largest regional trade agreement in history, the agreement would set new terms for trade and business between the U.S., Canada, Mexico, Australia, and numerous other Pacific Rim countries. As a whole, this group of member countries is responsible for nearly one-third of world trade. Needing the approval of Congress, the TPP has become a topic of discussion in the 2016 U.S. presidential election. While the nominees of both major parties are both against the agreement currently, there are a number of reasons why dropping the partnership all together may not be the best idea.
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China devalued its yuan in 2015 by calculating the reference rate on a daily basis and letting market forces affect the value. For some, it seemed like a good idea to get China more into the dynamic financial market. For others, it’s not playing out that way.
With the Iran nuclear deal and US sanctions lifted, Iran’s market – read oil production and related industries – should open up to companies. Not really. There is just too much bad feeling and economic turmoil for some to engage.
While the cases of China and Iran involved decisions being made (by China and by the US vis-à-vis Iran), TPP has been in negotiation since March 15, 2010 without an agreement. TPP, often talked about, seldom spelled out, refers to the “Trans-Pacific Partnership” and involves 12 primary countries as potential trading partners. Nineteen official negotiation rounds between 2010 and 2013 and numerous other meetings since led simply to indecisiveness.
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On Monday, October 5, 2015, the Trans-Pacific Partnership (TPP) was officially signed into existence by the twelve Pacific Rim nations.The countries involved in the deal include the United States, Japan, Canada, Mexico, Australia, New Zealand, Chile, Peru, Malaysia, Vietnam, Singapore, and Brunei. China, the world's second-largest economy and the biggest trading partner for over half of the countries involved in the TPP, was not included in the list, and they are hesitant about showing support for the new deal.
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After years of negotiation, the Trans-Pacific Partnership (TPP) deal was finally reached on Monday. This means that a new trade bloc has been created with reduced trade barriers among the 12 countries that signed. Since these countries together are responsible for 40% of the world’s GDP and 26% of total trade, the impacts of TPP are far-reaching and significant to the world economy, as well as to the U.S. economy.
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The Trans-Pacific Partnership (TPP) is a trade agreement between twelve Pacific Rim countries with the goal of lowering or eliminating trade barriers, including tariffs, quotas, and other restrictions, between the nations involved. Major nations such as Canada, Japan, the United States, and Mexico all have stakes in the partnership. The proposal has undergone negotiations for several years, with plans to finalize the agreement going back to 2012. The passage of the TPP has been of high priority for the Obama Administration. However, there have been several controversies with the agreement that have prevented it from coming to fruition. In its latest round of negotiations, which ended on July 31, the partnership was delayed once again, citing disagreements over certain trade industries, potential human rights violations, and corporate interests. This time, it looks to be a bitter blow for the TPP.