The Trans-Pacific Partnership (TTP) is known to be the first “self styled” 21st century trading agreement” (Financial Times, 2013). The twelve-member club comprises of The US, Peru, Canada, Chile, Mexico, Australia, Brunei, Japan, Singapore, Malaysia, Vietnam and New Zealand. Its aim is to “deepen trade by addressing matters like government procurement, intellectual property protection and the conduct of state owned enterprises. It is also meant to update trade agreements including post-WTO developments like e-commerce and cloud commuting.” (Financial Times, 2013)
It will remove tariffs and standardize business practices between the United States and 11 other trading partners that border the Pacific Ocean. Collectively they account for almost …show more content…
In 2010, two-thirds of Asian Pacific countries had a growth rate above the world average 5.1%. Developed counties like the U.S, Australia trade with developing economies like Vietnam, Peru etc as a result the volume of trade between them will increase significantly with further trade liberalisation. Thus, developing countries’ engagement will not only increase U.S stakes in the deal but also trigger more interests among Asian-Pacific countries to participate in the TPP negotiations. (Li, …show more content…
(Padmanabhan, 2015). Trade between the two blocs amounts to E1 trillion a year, the TTIP deal will cover 45% of the global GDP. (New Scientist, 2014)
The term ‘competitive imperialism’ applies where ‘free trade is subservient to the goal of projecting influence to another country or throughout a region, and checking actual or perceived reciprocal efforts by another power’. Last decade, it was used to illustrate the competition between the US and the EU as they competed to secure free trade agreements (FTAs) for strategic reasons (Kelsey, 2013). TTIP is seen as another neo-liberal project that will accelerate a race to the bottom on environmental, health and social standards. (Dullien, Garcia and Janning,
It will remove tariffs and standardize business practices between the United States and 11 other trading partners that border the Pacific Ocean. Collectively they account for almost …show more content…
In 2010, two-thirds of Asian Pacific countries had a growth rate above the world average 5.1%. Developed counties like the U.S, Australia trade with developing economies like Vietnam, Peru etc as a result the volume of trade between them will increase significantly with further trade liberalisation. Thus, developing countries’ engagement will not only increase U.S stakes in the deal but also trigger more interests among Asian-Pacific countries to participate in the TPP negotiations. (Li, …show more content…
(Padmanabhan, 2015). Trade between the two blocs amounts to E1 trillion a year, the TTIP deal will cover 45% of the global GDP. (New Scientist, 2014)
The term ‘competitive imperialism’ applies where ‘free trade is subservient to the goal of projecting influence to another country or throughout a region, and checking actual or perceived reciprocal efforts by another power’. Last decade, it was used to illustrate the competition between the US and the EU as they competed to secure free trade agreements (FTAs) for strategic reasons (Kelsey, 2013). TTIP is seen as another neo-liberal project that will accelerate a race to the bottom on environmental, health and social standards. (Dullien, Garcia and Janning,