The Trans-Pacific Partnership (TPP) is a comprehensive trade agreement negotiated between 12 countries bordering the Pacific Ocean. Established in 2005 and formally finalized in 2015, the TPP aimed to deepen economic ties, promote economic growth, and enhance cooperation among its member nations. The participating countries were Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam.
TPP's primary objective was to facilitate the freer flow of goods, services, and investments across borders, encouraging economic integration and reducing trade barriers. It addressed various aspects of trade including intellectual property rights, labor and environmental standards, government procurement, and regulatory coherence. By establishing common trade rules and reducing tariffs, the TPP intended to promote fair competition and enhance market access, particularly for small and medium-sized enterprises.
The TPP faced significant criticism and public debate due to concerns related to its potential impacts on employment, income inequality, and sovereignty. While originally ratified by the 12 member countries, the agreement experienced a notable setback when the United States announced its withdrawal in 2017. However, other countries have continued discussions and efforts to modify and implement the deal, leading to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes 11 of the original participants.
The TPP/CPTPP remains a significant trade agreement, aiming to establish mutually beneficial economic ties and promote liberalization across various sectors, ultimately driving economic growth and regional cooperation among its member nations.
