Tpp news

TPP (Trans-Pacific Partnership) news!

Here are some recent updates:

Latest Developments:

  1. TPP-11 Agreement: In March 2018, the remaining 11 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam) signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also known as TPP-11. The agreement aims to promote free trade and economic integration among its member countries.
  2. US Withdrawal: In January 2017, the United States withdrew from the TPP, citing concerns over trade deficits and job losses. The withdrawal was seen as a significant blow to the agreement, as the US was a key player in the negotiations.
  3. China's RCEP Initiative: In response to the US withdrawal from the TPP, China launched the Regional Comprehensive Economic Partnership (RCEP) initiative, which aims to create a massive free trade zone in Asia. The RCEP agreement was signed in November 2020, with 15 countries participating, including China, Japan, South Korea, and several ASEAN nations.

Key Provisions:

  1. Tariffs and Trade: The CPTPP agreement aims to reduce tariffs and other trade barriers among its member countries, promoting free trade and economic integration.
  2. Investment and Services: The agreement includes provisions for investment protection, intellectual property rights, and services trade, such as financial services, telecommunications, and e-commerce.
  3. Labor and Environmental Standards: The CPTPP includes provisions for labor and environmental standards, aiming to promote fair labor practices and environmental protection.

Impact and Criticisms:

  1. Economic Benefits: Proponents argue that the CPTPP will increase trade and investment among its member countries, promoting economic growth and job creation.
  2. Job Displacement: Critics argue that the agreement will lead to job displacement, particularly in industries such as manufacturing and agriculture, as companies take advantage of lower labor costs and tariffs.
  3. Environmental Concerns: Some environmental groups have expressed concerns that the agreement will undermine environmental regulations and promote the exploitation of natural resources.

What's Next?

  1. Implementation: The CPTPP agreement will come into effect once six countries have completed their domestic ratification processes. Australia, Canada, Japan, Mexico, New Zealand, and Singapore have already ratified the agreement.
  2. RCEP Implementation: The RCEP agreement will come into effect once all 15 participating countries have completed their domestic ratification processes.
  3. Future Trade Agreements: The CPTPP and RCEP agreements may serve as models for future trade agreements, particularly in the Asia-Pacific region.

Stay tuned for further updates on the TPP and its implications for global trade and economies!