Trans-Pacific Partnership (TPP)
The TPP (Trans-Pacific Partnership) is a new mega-regional agreement. The 12 Pacific Rim nations (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US
The block accounts for around 40
(i) setting higher global standards for international trade through lower benchmarks for non-tariff barriers;
(ii) more stringent
(iii) higher IPRs (intellectual property rights) protection;
(iv) greater transparency in government procurement and limiting advantages to state-owned enterprises (
(v) transparency in health care technology, competitiveness and supply chain.
(vi) it also includes new and emerging trade issues and cross-cutting concerns such as internet and digital economy and participation of state-owned enterprises (
Experts have highlighted a serious impact on the current global trade pattern once this agreement comes into force. India has its own share of concerns regarding it22. Meanwhile, by late January 2017, the USA (under its new President Mr. Donald Trump) pulled out from the ongoing negotiations of the TPP. Once the US (the biggest force behind it) has opted out from it, the pact looks losing its real steam. This may look a relief for India and other similar economies it may be temporary—as the new dispensation in the country has given clear signs of becoming protective regarding trade and globalization (these issues were the benchmark of Trump’s presidential election campaign).
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