Trans Pacific Trade Agreement Countries

The Trans-Pacific Partnership, or TPP, was a trade agreement between 12 countries bordering the Pacific Ocean. While the agreement was signed in 2016, it was never ratified and ultimately fell apart following the United States` withdrawal in January 2017. Despite its collapse, the TPP has had a significant impact on trade relations and global economics.

The countries involved in the TPP were Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States. The trade agreement aimed to reduce barriers to trade and investment, including tariffs, and to establish rules and standards for trade. It also included provisions for intellectual property protection and labor and environmental standards.

One of the primary benefits of the TPP was the increased market access it provided for participating countries. With reduced trade barriers, companies in these countries were able to more easily sell their goods and services to one another. Additionally, the agreement helped to level the playing field for smaller companies by establishing a set of rules that applied equally to all countries involved.

Despite its potential benefits, the TPP was met with controversy in some countries. Critics argued that the agreement would lead to job losses and reduced wages, particularly in industries that were already struggling to compete with low-cost imports. Some also expressed concerns about the impact of intellectual property provisions on access to medicine and the environment.

Despite its collapse, the TPP has had a lasting impact on global trade relations. Many of the countries involved have since signed other trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which includes all of the original TPP members except for the United States.

In conclusion, while the TPP may no longer exist, it has had a significant impact on global trade relations and its legacy lives on in other trade agreements signed by the countries involved. The Trans-Pacific Partnership may have been short-lived, but its impact will be felt for years to come.