The Trans-Pacific Partnership (TPP) Agreement Holds Strategic Underpinnings
Das, Sanchita Basu | May 2016
Abstract
After prolonged negotiations since 20102, the Trans-Pacific Partnership (TPP) Agreement was broadly agreed upon in October 2015 among the twelve parties – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States (US) and Vietnam. The agreement aims to eliminate barriers to trade and update rules that had been written under the World Trade Organisation (WTO) and the several free trade agreements (FTAs) signed by the Asia-Pacific nations.
A recent study by Petri and Plummer (2016) estimated that the TPP will raise global annual income by US$492 billion and US annual income by US$131 billion by 2030. Large gains are to be expected for Japan, Malaysia and Vietnam. Some non-members such as Indonesia and the Philippines will suffer small losses while Thailand will face relatively significant setbacks. China will also experience a moderate loss of US$18 billion by not being part of TPP. This is mainly because of trade diversion from non-members to members and dilution of earlier preferences in TPP countries.
Citation
Das, Sanchita Basu. 2016. The Trans-Pacific Partnership (TPP) Agreement Holds Strategic Underpinnings. © ISEAS Yusof Ishak Institute. http://hdl.handle.net/11540/10525.ISSN
2335-6677
Keywords
Free Trade
Trade Facilitation
Trade
Economic integration
Regional Economic Integration
Intraregional Trade
Macroeconomic
Macroeconomic Analysis
Macroeconomic Framework
Macroeconomic Models
Macroeconomic Performance
Macroeconomic Planning
Macroeconomic Policies
Macroeconomic Reform
Macroeconomic Stabilization
Economic planning
Economic structure
Growth policy
Trade relations
Trade policy
Economic development
Economies in transition
International economy
Border integration
Economic integration
Gross domestic product
Trade Regulations
Exchange Rate
Economic zones
Regional economics
Economic forecasting
Economic development projects
Success in business
Business
Free trade
Business
Economics
Communication in economic development
Restraint of trade
International economic integration
Trade blocs
East-West
Exchange rates
Economic Zones
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