TPP (Trans-Pacific Partnership) Deal Signed |
On Tuesday 6th October in Atlanta representatives of 12 countries signed the Trans-Pacific Partnership (TPP) agreement, a free trade deal which seeks to cut tariffs and introduce common standards across the Pacific region. The deal covers key developed countries including the US, Japan, Canada, Australia as well as emerging nations like Chile, Malaysia and Vietnam. The 12 nations collectively accounted for almost 36% of global GDP in 2014, and 11% of the world's population, this compares with the EUs 24% and 7% of global population. The size of the deal is important – it is seen by some as a model for other potential large-scale trade deals (such as the TTIP talks with the EU). China is noted by its absence from the TPP, and there is some speculation that China will join with the TPP in some future agreement. Slower Chinese economic growth could make this scenario more likely. Some have also suggested that the size of the TPP could act as a counter balance to China's growing