The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) is a free trade agreement between 11 countries that was signed on March 8, 2018. The agreement aims to reduce tariffs and trade barriers between its members, which include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
The TPP-11 was originally known as the Trans-Pacific Partnership, or TPP, and was negotiated between 12 countries. However, in 2017, the United States withdrew from the agreement, leaving the remaining 11 countries to negotiate a new agreement that would exclude the US.
One of the primary objectives of the TPP-11 is to increase trade and investment between member countries. The agreement includes provisions to reduce tariffs on a wide range of products and services, including agricultural goods, textiles, and automobiles. It also includes measures to improve intellectual property protection, enforceable labor and environmental standards, and facilitate the movement of goods and services.
Critics of the TPP-11 argue that the agreement could have negative effects on jobs and wages in some countries, particularly in the manufacturing sector. Some also argue that the agreement could undermine national sovereignty and lead to greater inequality.
However, supporters of the TPP-11 argue that the agreement will promote economic growth and job creation, particularly in countries that rely heavily on international trade. They also argue that the agreement includes strong protections for labor and the environment, and that it will help to reduce the power of state-owned enterprises.
Overall, the TPP-11 is a significant trade agreement that has the potential to shape economic relations between its member countries for years to come. While it is not without its critics, many believe that it offers a path towards greater economic integration and prosperity in the Asia-Pacific region.