On October 5, 2015, the White House Press Secretary Office, issued a statement that after five years of negotiations, the Trans-Pacific Partnership (TPP) ministers have reached a final agreement. The TPP, which includes 12 countries located around the Pacific, seeks to raise standards for both trade and investment, while raising living standards and promoting transparency, among other goals.
The TPP looks to “eliminate more than 18,000 taxes that various countries put on our products. It strengthens our strategic relationships with our partners and allies in a region that will be vital to the 21st century.” The thirty chapters of the TPP will include such issues as, customs and trade facilitation, trade in goods, and intellectual property.
Before the agreement can take effect TPP negotiators will translate and verify the text as well as complete a legal review. Congress will then have 90 days, and the public 60 days to review before this will go to President Obama to sign.
To learn more about the Trans-Pacific Partnership and its goals, please see the below links:
