Trans-Pacific Partnership is Praised and Panned

By Alasdair Sandford

TPP: the initials may mean little to many outside the Pacific rim.

Yet the Trans-Pacific Partnership agreed on Monday will be the world’s biggest trade deal in 20 years – if it’s ratified by lawmakers in the countries concerned.

Not to be confused with the TTIP (“Tea-Tip”) which is about Transatlantic trade, the Trans-Pacific agreement aims to free up trade and harmonise standards across a huge area.

The 12 countries involved are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the US. Together they embrace an area whose population (800 million) is almost double that of the EU’s single market, and whose economies amount to some 40 percent of world output.

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Source: Euronews