|Date: October 9,2015
Subject: TPP Agreement Represents Major Changes in International Trade
|On Oct 5, 2015, twelve countries making up the Trans-Pacific Partnership (TPP) announced they had successfully concluded trade negotiations. The twelve countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. Together, these nations represent 40% of the global trade with a market of nearly 800 million people and a gross domestic product (GDP) of $28.5 trillion. The TPP represents largest trade agreement since the establishment of the World Trade Organization (WTO).
Few specific, working details are known at this time with the formal text of the agreement yet to be released. Negotiations were largely confidential with outside parties having very limited access to the negotiations. Additional details surrounding the agreement are expected to be released in the coming weeks and months.
Some information already shared by TPP participating countries include:
Once the TPP is ratified, the current North America Free Trade Agreement (NAFTA) is expected to end given all three NAFTA countries are TPP participants. However, with many TPP participants facing domestic challenges related to ratification, NAFTA should remain in place for the foreseeable future.
Additional information is available through these U.S. and Canadian government websites. Delmar International will continue to monitor and share information related to the TPP, its expected ratification and future implementation.