WORLD: 12 nations ink Trans-Pacific Partnership; elimination of most tariffs anticipated

Twelve nations have signed the Trans-Pacific Partnership (TPP), a trade deal that is expected to eliminate most tariffs among the participating partners and reduce trade and investment barriers, media reports from Auckland, New Zealand, said.

The signing members, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam, have now ended the five-year negotiation process and have two years to get the agreement ratified domestically before the TPP becomes legally binding.

New Zealand Prime Minister John Key said: “Other countries have already signalled an interest in joining TPP. And this could lead to even greater regional economic integration.”

The TPP “will set a new standard for trade and investment” in the Asia-Pacific region,” which is one of the world’s “fastest growing and most dynamic regions,” the signing nations noted in a joint statement.

Source: Weekly “PetroChemical News”, Durham, NC, USA; 8 Feb 2016
(Syed Rashid Ali, Karachi, Pakistan)