TPP becomes official

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Source: ustr.gov

The TPP (the Trans-Pacific Partnership) became official yesterday when 12 nations signed the pact at Atlanta, US. The treaty aims to liberalize trade between member nations by removing more than 18000 taxes on internationally traded products, and thus give an impetus to growth and development to all stakeholders.

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The details of the joint statement signed by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam are not yet released but they have shared certain excerpts of the statement.

“We expect this historic agreement to promote economic growth, support higher-paying jobs; enhance innovation, productivity and competitiveness; raise living standards, reduce poverty in our countries; and to promote transparency , good governance, and strong labour and environmental protections,”

besides “liberalising trade and investment between us, the agreement addresses the challenges our stakeholders face in the 21st century , while taking into account the diversity of our levels of development.”

The treaty had great support from the US president Barack Obama and shall affect the foreign trade of India. Indian minister for Commerce, Nirmala Sitharaman, refuted claims that India has been excluded from the treaty and said that India is already pursuing an Asean Regional Comprehensive Economic Partnership and is currently involved in that. India has also talked with German Chancellor Angela Merkel about reviving the FTA negotiations between the two countries.

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