The Trans-Pacific Partnership (TPP) agreement was a trade deal signed by 12 countries around the Pacific region in 2016. The agreement aimed to establish a free trade zone among the participating countries, reduce tariffs, and boost economic growth.
The TPP agreement countries included Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam. Together, these countries accounted for 40% of the global economy and a third of world trade.
The agreement was negotiated over several years, and it faced significant opposition from various groups, including labor unions, environmentalists, and consumer advocates. Critics argued that the TPP agreement would result in job losses and lower wages, as well as weaken environmental and public health protections.
In 2017, the United States withdrew from the TPP agreement, leaving the remaining 11 countries to negotiate a revised version of the deal. The revised agreement, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), was signed in 2018.
The CPTPP includes the same 11 countries as the original TPP agreement, with the exclusion of the United States. The agreement aims to reduce trade barriers and promote economic integration among the participating countries.
The CPTPP has faced its share of criticism, with some arguing that it still lacks transparency and fails to address key issues such as labor rights and environmental protection. However, proponents argue that the agreement will help to promote economic growth and create new opportunities for businesses and consumers across the region.
In conclusion, the TPP agreement countries were a diverse group of nations that came together to promote free trade and economic integration. While the agreement ultimately faced opposition and criticism, it remains a significant milestone in the ongoing effort to promote global trade and cooperation. The CPTPP, signed by the 11 remaining countries, aims to build on the legacy of the original agreement and chart a course for future economic growth and collaboration.