Trans Pacific Partnership : A Trade Agreement Essay

1702 Words Dec 3rd, 2016 7 Pages
The Trans-pacific Partnership is a trade agreement between 12 countries, the United States, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile, and Peru. The purpose of the Trans Pacific Partnership is to deepen economic ties between these nations by reducing tariffs and promote the development of trade. The increase in trade between these nations is aimed at reducing China and India’s dominance it the Pacific Rim.
The Trans-Pacific Partnership was not a United States conceived treaty and initially the United States was not even a part of it. The origins of the treaty began in 2002 at the Asia-Pacific Economic Cooperation (APEC) forum when New Zealand, Chile and Singapore, known as the Pacific Three (P-3), began negotiations for free trade between them. In 2005, the P-3 would become the Pacific Four (P-4) when Brunei joined into the trade negotiations. The initial agreement that would become the Trans-Pacific Partnership Agreement was in effect between the four nations by 2006, though the negotiations on the financial services and investment practices of the agreement were postponed until 2008.
President George W. Bush, in February of 2008 announced that the United States would join the deferred negotiations on financial services and investment. Later that same year, the United States persuaded the members to expand the membership of the agreement by inviting Australia, Peru and Vietnam to join the partnership. In 2009, President…

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