The Trans-Pacific Partnership has been ratified by the eleven participating countries; Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The United States removed itself from the agreement on Jan.22, 2017 under a memorandum signed by President Donald Trump.
The Trans-Pacific Partnership removes over 18,000 International tariffs.
The Trans-Pacific Partnership entrenches common regulations on internet commerce, equality of foreign investors, greater protection of intellectual property, and labor codes, and the neutrality of state-run businesses.
Small businesses will benefit from expedited customs procedures for express shipments, and the prohibition of any country to impose duties on electronic transmissions. The TPP also demands greater privacy, security, and consumer protections for online transactions.
The TPP is the first international trade agreement to prohibit fishery subsidies, that contribute to overfishing.
The TPP prohibits child labor, employment discrimination, and ensures the right to collective bargaining. It includes laws on acceptable work conditions, minimum wages, hours of work, and occupational health and safety.
The World WildLife Fund and Nature Conservancy have endorsed the treaty, and The The Peterson Institute for International Economics has called it the most environmentally friendly trade deal ever negotiated.
The World Bank found that the TPP could raise GDP in the member countries by an average of 1.1 percent by 2030; and would increase member countries' trade by 11 percent by 2030.
South Korea and Indonesia have already expressed plans to join the Trans-Pacific Partnership, and the wording of the agreement allows for the membership of the USA should it have a change of heart in three years.
The Trans-Pacific Partnership will reduce member states dependance on trade with China.
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