The Trans Pacific Partnership, or TPP, has been getting a lot of discussion time lately at conferences, in offices and in government agencies. But what are the implications to global trade? The following is a brief summary of the TPP and resources that can be used to find out more information.
The TPP was signed in 2005 and went into force in 2006 in the original member countries, which were Brunei, Chile, New Zealand, and Singapore. According to the SICE website, the goal is to “create a platform for economic integration across the Asia Pacific region.” Six other countries, Australia, Malaysia, Peru, Japan, United States and Vietnam, are still negotiating their participation in the TPP. It was the recent Asia-Pacific Economic Cooperation (APEC) held last November 2011 in Honolulu, U.S.A, that negotiations were again discussed for these six additional countries.
According to the Office of the United States President, the 2011 APEC meeting discussions resulted in “the broad outlines of an ambitious, 21st-century Trans-Pacific Partnership (TPP) agreement that will enhance trade and investment among the TPP partner countries, promote innovation, economic growth and development, and support the creation and retention of jobs.” It was also decided at the November 2011 meeting that an eleventh round of negotiations would take place March 1 – 9, 2012 in Melbourne, Australia.
As we wait to see what these negotiations will bring for the TPP and those six countries looking to join, there are several resources that can be used to gain a better understanding of the TPP.