12 Pacific Rim countries sign Trans-Pacific Partnership (TPP) Agreement
12 other Pacific Rim countries have signed Trans-Pacific Partnership (TPP) agreement which covers about 40 per cent of the world economy.
These 12 countries are: Singapore, Malaysia, Vietnam, Brunei Darussalam, Japan, Canada, United States, Mexico, Peru, Chile, Australia and New Zealand.
The final agreement was signed after five days of talks in Atlanta, US which was under negotiation for five years and was delayed repeatedly by negotiations over drug patents.
It should be noted that China being world’s second-largest economy has been not part of the agreement.
Key facts
- TPP agreement will pave way creation of a new economic bloc with reduced trade barriers between the 12 nations involved. It Cuts trade tariffs and sets common standards.
- Sets minimum standards on various global issues ranging from environmental protection and Workers Right.
- Sets up guidelines for dispute settlement between governments and foreign investors.
- Eliminates more than 18000 taxes levied by various countries on American goods in turn benefiting farmers, ranchers and manufacturers.
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Month: Current Affairs - October, 2015