A group of 12 Pacific rim nations led by the US have hammered out the largest mega regional trade agreement which is expected to set higher standards for goods and services.
Although the deal aims at sidestepping China in setting rules of international trade, it is also expected to impact India.
The Trans-Pacific Partnership (TPP) is a trade agreement under negotiation among 12 nations: Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam, which comprise 40% of the world’s gross domestic product (GDP).
The other two large regional trade agreements being negotiated are the Transatlantic Trade and Investment Partnership (TTIP) between the US and the European Union, and the Regional Comprehensive Economic Partnership (RCEP) between the Association of Southeast Asian Nations and its four free-trade partners, including China and India.
In addition to greater market access for goods and services, the areas of negotiations covered by TPP include intellectual property rights, foreign investment, competition policy, environment, labour, state-owned enterprises, e-commerce, competitiveness and supply chains, government procurement, technical barriers to trade, transparency in healthcare technology and pharmaceuticals, and regulatory coherence.
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