The Trans Pacific Partnership, one of the biggest multinational trade deals ever, has been signed by ministers from its 12 member nations in ( Auckland )New Zealand.
The Trans-Pacific Partnership (TPP) is a trade agreement among twelve Pacific Rim countries concerning a variety of matters of economic policy. The ceremony in Auckland brings the huge trade pact, which has been five years in the making, another step towards to becoming a reality. There is wide spread grassroots opposition to the TPP in many countries. Opponents have criticized the secrecy surrounding TPP talks, raised concerns about reduced access to things like affordable medicines, and a clause which allows foreign investors the right to sue if they feel their profits have been impacted by a law or policy in the host country.
So what is TPP and why does it matter?
The Trans-Pacific Partnership (TPP) is one of the most ambitious free trade agreements ever signed. Those in favor say this trade deal will unleash new economic growth among countries involved. Those against – particularly some Americans – fear it could mean jobs will move from the US to developing countries. They also do not like the fact the five-year talks were held largely in secret.
In TPP nutshell, It involves 12 countries: the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
The pact aims to deepen economic ties between these nations, slashing tariffs and fostering trade to boost growth. Member countries are also hoping to foster a closer relationship on economic policies and regulation. The agreement could create a new single market something like that of the EU.