TPP stand for Trans Pacific Partnership.
History:-
It is a trade agreement between twelve Pacific Rim Countries. First its expansion started in 2005 as Trans-Pacific Strategic Economic Partnership Agreement (TPSEPA or also called P4 because it was agreement between 4 countries) and it was only signed by Brunei, Chile, New Zealand, and Singapore but in 2008 other 8 countries also joined it. The draft of this agreement was made on 5 October 2015 then the agreement was signed in New Zealand on 4 February 2016 after of many years negotiation. TPP agreement include total 12 countries( Japan ,USA ,Canada ,Australia, New Zealand ,Singapore ,Peru ,Malaysia ,Brunei ,Mexico ,Vietnam ,and Chile).But in January 2017 USA withdraws from this agreement and in May 2017 the agreement is revived by the other remaining countries and on January 2018 they reached on better agreement. The 11 countries except USA signed the revised agreement in March 2018 and called it Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Goals of TPP:-
The Benefits or Goals provided by TPP to all included countries:
? It will improve their economic growth.
? It will provide new Jobs and Business opportunities for people and will also protect the labor rights (eliminate the employee discrimination or forced labor and child labor).
? It will also enhance the production, innovation and competitiveness among all TPP countries.
? It will reduce the poverty in all countries and also the standard of living will be raise.
? It will low the tariff and this agreement will cut of almost 18,000 tariff and will also address non-tariff barriers on export (including the barriers on products and agriculture).
? It will eliminate the barriers on goods, services, trades, investment and provide comprehensive access to the market and will also provide a supply chain for goods and products.
? The TPP is develop for global, digital marketplace which provide free flow of global information and data so, it will provide e-commerce and telecommunication through promoting free open internet and also strengthen the protection of consumers.
? The GDP of all the countries will be increased on average or same level by 1.1%.
Negative Impact of TPP:-
Some important negative impact of TPP are:
? The Patent and obvious rights for peoples may be interfere.
? The Indian big export market will lose their access to US market and also face some trade diversion to their industries mostly in Textiles and Clothing Sector.
? China, India and Thailand will lose their relationship with TPP countries because they are competing with TPP market.
Effect on European Union:-
The TPP agreement has a bad effect on European Union because the population of these countries is double from EU and the mostly 30% of the export goes to the TPP countries so the GDP of EU has to be increases by 0.5% but the GDP is decreased slightly. So the EU is trying to make trade agreement with each of the country included in TPP since 2013 and in 2015 they introduce “Trade for All” to improve the TPP agreement but the talk is still going.
