The Trans-Pacific Partnership: Origin, Evolution, Special Features, and Economic Implications

Abstract

The Trans-Pacific Partnership (TPP) agreement was signed by its 12 members in February 2016 after concluding its difficult and long negotiations. The TPP is an ambitious agreement with high-level of trade and investment liberalization and comprehensive issue coverage, setting a new standard for global trade. Large economic benefits can be expected from the enactment of the TPP. The ratification of the TPP in its agreed form is not possible because of the withdrawal of the US from the TPP. The paper argues that the TPP without the US, or TPP11, should be pursued by remaining 11 members, to keep the momentum toward trade and investment liberalization and to fight against growing protectionism.