Trans Pacific Partnership

Key Highlights

1. 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.

2. Drafted in 2015 signed by Australia, Brunei, Canada, Chili, Japan, Malaysia, New Zealand, Peru, Singapore, Vietnam and United States.

3. But US withdrew its signatory in 2017 after the election f Donald Trump as the President.

4. The agreement got revised and ratified by 11 member nations and came into force in 2018.

5. Colombia, Philippines, Thailand, Taiwan, South Korea, Indonesia, Sri Lanka and United Kingdom have shown interest as potential members for TPP.  

6. The agreement cuts over 18,000 tariffs. 

7. Tariffs on all U.S. manufactured goods and almost all U.S. farm products was to be eliminated completely, with most eliminations occurring immediately. In addition, the agreement mandates expedited customs procedures for express shipments and prohibits customs duties from being applied to electronic transmissions. 

8. TPP includes the most robust enforceable environment commitments of any trade agreement in history.  

9. TPP signatory nations are required to combat illegal fishing, promote sustainable fisheries management practices and protect wetlands and important natural areas, combat wildlife trafficking, illegal logging, and illegal fishing and protect the marine environment from ship pollution, including by implementing their obligations under MARPOL (international agreement to prevent marine pollution). 

10. TPP is favored by  World Wildlife Fund, the Nature Conservancy, the Humane Society, the Wildlife Conservation Society, Defenders of Wildlife, International Fund for Animal Welfare and World Animal Protection. 

11. It requires additional privacy, security and consumer protections for online transactions and encourages the publication of online customs forms. These provisions are expected to be particularly beneficial to small businesses.

12. The signatory nations are required to join the United Nations Convention Against Corruption (UNCAC); criminalize bribery of public officials; have in place a code of conduct for public officials; take measures to decrease conflicts of interest; effectively enforce anti-corruption laws and regulations; and involve private organizations in the fight against corruption. 

13. The TPP prohibits exploitative child labor and forced labor; ensures the right to collective bargaining; and prohibits employment discrimination. 

14. TPP lays out a minimum level of protection parties to the Agreement must grant for trademarks, copyright, and patents. Copyright is granted at a length of life of the author plus 70 years and requires countries to set criminal penalties for violating copyright protections such as Digital Rights Management.