![]() Leaders from 10 of the 12 prospective member states at a TPP summit in 2010 | |
Type | Trade agreement |
---|---|
Drafted | 5 October 2015[1][2][3] |
Signed | 4 February 2016 |
Location | Auckland, New Zealand |
Effective | Not in force |
Condition | Ratification by all original signatories, or (2 years after signature) ratification by at least 6 states corresponding to 85% of GDP of original signatories[4] |
Signatories | |
Ratifiers | |
Depositary | New Zealand |
Languages | English (prevailing in the case of conflict or divergence), Spanish, Vietnamese, Japanese, French |
Full text | |
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The Trans-Pacific Partnership (TPP), or Trans-Pacific Partnership Agreement (TPPA), was a proposed trade agreement between 12 Pacific Rim economies: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States. In the United States, the proposal was signed on 4 February 2016 but not ratified as a result of significant domestic political opposition.[5] After taking office, the newly elected President Donald Trump formally withdrew the United States from TPP in January 2017,[6] therefore ensuring the TPP could not be ratified as required and did not enter into force. The remaining countries negotiated a new trade agreement called Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which incorporated most of the provisions of the TPP and which entered into force on 30 December 2018.
The TPP began as an expansion of the Trans-Pacific Strategic Economic Partnership Agreement (TPSEP or P4) signed by Brunei, Chile, New Zealand and Singapore in 2005. Beginning in 2008, additional countries joined the discussion for a broader agreement: Australia, Canada, Japan, Malaysia, Mexico, Peru, the United States, and Vietnam, bringing the negotiating countries to twelve. In January 2017, the United States withdrew from the agreement.[7] The other 11 TPP countries agreed in May 2017 to revive it[8][9] and reached agreement in January 2018. In March 2018, the 11 countries signed the revised version of the agreement, called Comprehensive and Progressive Agreement for Trans-Pacific Partnership.[10] After ratification by six of them (Australia, Canada, Japan, Mexico, New Zealand and Singapore), the agreement came into force for those countries on 30 December 2018.
The original TPP contained measures to lower both non-tariff and tariff barriers to trade,[11] and establish an investor-state dispute settlement (ISDS) mechanism.[12] The U.S. International Trade Commission,[13] the Peterson Institute for International Economics, the World Bank and the Office of the Chief Economist at Global Affairs Canada stated that the final agreement, if ratified, would have led to net positive economic outcomes for all signatories.[Note 1] Many observers at the time said the trade deal would also have served a geopolitical purpose, namely to reduce the signatories' dependence on Chinese trade and bring the signatories closer to the United States.[22][23][24][25]
the TPP must still be signed formally by the leader of each country and ratified by their parliaments(subscription required)
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