Economics

What was Trans Pacific Partnership?



5/5 - (4 votes)

The Trans-Pacific Partnership (TPP) did not become a reality as the US President-elect Donald Trump withdrew the signature of United States. TPP comprised 12 member states, which included the North American countries of US and Canada; South American countries of Mexico, Chile and Peru; the Asian countries of Japan, Malaysia, Vietnam, Singapore and Brunei, and the nations of Australia and New Zealand.

Designed to create a new single market, the TPP aimed to strengthen economic relations between the member states. It will also cut down on tariffs and foster trade. These 12 nations had signed TPP on February 4, 2016 and it assumed importance because it covered around 40 percent of the world economy. Donald Trump was least interested in the proposal and had declared beforehand that he will not participate in the agreement, once he joins the office.

In March 2018, the 11 countries apart from USA, signed the revised version of the agreement, named ‘Comprehensive and Progressive Agreement’ for Trans-Pacific Partnership. These countries represent 13.4% of the total global GDP. It was back in 2017, when the countries had decided that they would revive the negotiation without the indulgence of the United States.

Know more:

Related maps:


What are ten most dangerous cities in the US?
What is the corruption score of different countries?
What countries have the best Rule of Law
What is the impact of Terrorism around the world?
Share
Published by
adminanswers
Tags: US mapUSA

Recent Posts

What is the Capital of Madagascar?

The Republic of Madagascar is an island country located in the Indian Ocean, off the…

4 months ago

What Countries use the Euro?

The Euro is the official currency of the European Union. It is, however, not incumbent…

4 months ago

How Many Countries are there in the World?

There are many countries or regions that are partially recognized by the UN, have disputes…

4 months ago

When Did Alaska Became a State?

The Alaska Statehood Act was signed into law by President Dwight D. Eisenhower in 1958,…

4 months ago

Where is Persia?

The name Persia may, however, only be used to refer to Iran in some contexts.…

4 months ago

How Many Islands in Hawaii?

Hawaii is an Island State in the US. It is one of the 50 states…

4 months ago