- It is a trade pact that includes US, Canada, Japan, Vietnam, Chile, Peru, Australia, Malaysia, Mexico, Brunei, Singapore, New Zealand.
- Membership of TPP is confined so far to Pacific-rim states.
- TPP covers almost 40% of global trade.
- Prospects of US pursuing a similar deal with EU called TTIP (Trans-Atlantic Trade and Investment Partnership) which will cover another 40% of world trade.
- 7 of the members of RCEP (Regional Comprehensive Economic Partnership – an ASEAN led effort to form a free trade group of 16 Asian countries including India) are party to TPP.
- There is domestic opposition to TPP in US as it may lead to job losses
- Critics in non-TPP countries say it will help US enforce trading and IPR (Intellectual Property Rights) standards much beyond WTO norms.
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Saturday, November 14, 2015
Important Topics For IAS UPSC Civil Services Mains Exam 2015 - Trans Pacific Partnership (TPP)
What is TPP (Trans Pacific Partnership)?
To read in detail about TPP please click on the link https://en.wikipedia.org/wiki/Trans-Pacific_Partnership
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