The Trans Pacific Partnership Essay

1879 Words May 5th, 2016 8 Pages
Overview

The Trans-Pacific Partnership is the largest regional trade deal in history, the agreement at this moment is among twelve countries in the Pacific Rim, with the possibility of other states being added later on, the deal was signed on 4 February 2016 in Auckland, New Zealand, after 7 years of negotiations.
The countries in this agreement account for 40% of the world’s economic output, with the signatory countries being the United States, Canada, Australia, Japan, Mexico, Brunei, Chile, Malaysia, Peru, Singapore, New Zealand, and Vietnam.
Countries involved in this in this accord aim to strengthen economic ties among them, decreasing tariffs and fostering trade to boost growth. One potential outcome to the agreement is the creation of a new single market, something similar to that found in the European Union.
Among the several issues addressed in the pact are:
Tariffs and Quotas, at a certain point in time, tariffs on imports were used to protect domestic industries from cheaper products coming overseas, this was once a standard, but after World War II several countries in the world led a movement toward free trade. Mainly this agreement would decrease 18,000 tariffs, add to that the full elimination for example of all US manufactured goods and almost all US farm products, with the majority of eliminations occurring completely. Add to that the fact that expedited customs procedures for express shipments and prohibiting customs duties from getting applied to…

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