Trans-pacific Partnership Research Paper Example | Topics and Well Written Essays - 1250 words

Trans-pacific Partnership - Research Paper Example Initially, the Trans-Pacific Partnership was known as Pacific Three Closure Economic Partnership (P3-CEP). The negotiations related to this agreement began in 2002 in one of the meetings attended by the leaders of the Asia Pacific Economic Cooperation (APEC). This meeting of the APEC body took place in Lao Cabos, Mexico, and some of the prominent leaders who participated in this meeting were Ricardo Lagos, the President of Chile; Goh Chok Tong, the Prime Minister of Singapore; and Helen Clark, the Prime Minister of New Zealand. The trade bloc was renamed to Pacific-4 (P4) in 2005 when Brunei was included as a full negotiating party. As a matter of fact, all the negotiating and original parties were APEC members, but TPP was not an initiative taken up by the APEC body. They original TPP agreement was signed on 3 June 2005 by Chile, Brunei, Singapore and New Zealand and was enacted on 28 May 2006. TPP is considered to be a comprehensive free trade agreement between the negotiating part ies which have an impact on goods traded worldwide, the trade remedies, rules of origin, sanitary measures, various types of technical barriers experienced in trade, services trading, trade in intellectual property, competition policy and government procurement. One of the most important clauses in this trade agreement is the proposed elimination of trade tariffs between the member countries by the end of 2005 (â€Å"Trans-Pacific Strategic Economic Partnership Agreement†). Negotiations are being carried out by several other nations.... TPP is considered to be a comprehensive free trade agreement between the negotiating parties which have an impact on goods traded worldwide, the trade remedies, rules of origin, sanitary measures, various types of technical barriers experienced in trade, services trading, trade in intellectual property, competition policy and government procurement. One of the most important clauses in this trade agreement is the proposed elimination of trade tariffs between the member countries by the end of 2005 (â€Å"Trans-Pacific Strategic Economic Partnership Agreement†). Negotiations are being carried out by several other nations of the world like Australia, Peru, Malaysia, Vietnam, Mexico, Japan, Canada, and United States to become a member of the group (â€Å"Additional Strides Made at Tenth Trans-Pacific Partnership (TPP) Round†). It was decided at the 2010 APEC Summit that the negotiations would be settled down by the end of next APEC Summit in 2011 wherein a proposal by Bara ck Obama, the President of United States, was endorsed by the corresponding leaders of nine different negotiating countries. However, the negotiations have not ended yet and are still continuing. It has been decided that the 15th round of TPP negotiations would be held in December 2012 it Auckland, New Zealand (â€Å"Trans-Pacific Partnership (TPP): 15th Round of TPP Negotiations Set for Auckland, New Zealand -- December 3-12, 2012†). Key Features TPP agreement has been considered to be a landmark agreement between several nations of the world with the objectives of promoting economic development, growth, and innovation; supporting retention and creation of new jobs; and enhancing investment and trade amongst the partner countries of TPP. Some of the key features of TPP