andon creativeThe TPP is the cornerstone of the Obama administration`s economic policy in the Asia-Pacific region. Major growth markets in the Asia-Pacific region are already important targets for suppliers of U.S. industrial, agricultural and service products, and the TPP will further deepen this trade and investment. As a group, TPP countries are the largest export market for goods and services to the United States. U.S. exports of goods to TPP countries totalled $698 billion in 2013, accounting for 44% of total U.S. goods exports. U.S. agricultural exports to TPP countries totaled $63 billion in 2013, accounting for 42 percent of total U.S. agricultural exports. U.S. private services exports totaled $172 billion in 2012 (latest data available), accounting for 27% of total U.S. private services exports to the world.
U.S. small and medium-sized enterprises alone exported $247 billion to the Asia-Pacific region in 2011 (latest data available). The TPP Financial Services Chapter will provide significant opportunities for cross-border market access and investment, while ensuring that the Parties remain able to regulate financial markets and institutions and take contingency action in the event of a crisis. The Chapter contains core commitments under other trade agreements, including: national treatment; most-favoured-nation treatment; Market; and certain provisions of the investment chapter, including the minimum standard of treatment. It provides for the cross-border sale of certain financial services to one TPP Party through a supplier of another TPP Party, rather than requiring suppliers to establish themselves in the other country in order to sell their services, subject to registration or authorization of cross-border financial service suppliers of another TPP Party to ensure appropriate regulation and supervision. A supplier of a TPP contracting party may provide a new financial service in another TPP market if domestic companies are allowed to do so in that market. TPP Parties provide for exceptions specific to some of these regimes in two annexes to the TPP: (1) current measures where a Party accepts an obligation not to make its measures more restrictive in the future and to bind any future liberalization, and (2) measures and policies over which a country retains full discretion in the future. Accede to the Trans-Pacific Strategic Economic Partnership Agreement. The original agreement has been ratified by Japan and New Zealand. A 2016 study by political scientists Todd Allee and Andrew Lugg of the University of Maryland suggests that if the TPP becomes a standard legal text, it will shape future cooperation and trade agreements.
[85] The Trans-Pacific Partnership (TPP) is a proposed free trade agreement between 11 Pacific economies. The United States was initially included. In 2015, Congress gave Barack Obama the power to negotiate the deal and put it to an unamended vote. The 12 countries signed the agreement in February 2016. The following August, Senate Majority Leader Mitch McConnell said there would be no vote on the deal until Obama left office. According to a report by Global Affairs Canada`s Office of the Chief Economist, ratification of the TPP would increase Canada`s GDP by $4.3 billion by 2040. [17] [169] This is mainly due to preferential access to Asia-Pacific markets. [17] [169] According to the report, ratification by the other TPP signatories, but Canada`s failure to ratify the agreement, would result in an estimated $5.3 billion in GDP losses by 2040.
[17] [169] After Trump withdrew from the TPP, the remaining eleven signatories, known as TPP-11, continued talks with the aim of saving a pact without the US. Their efforts were successful and culminated in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which was signed in March 2018.