Trans-Pacific Partnership agreement is struck

摘要

A deal agreeing the framework of the Trans-Pacific Partnership (TPP) has been completed following more than five years of negotiations, trade ministers declared on 5 October. The agreement brings together 12 countries around the Pacific Rim, making up 40% of the world's GDP, and is aimed at removing scores of import tariffs, bringing down trade barriers and limiting the effects of protectionism. Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam are united in the deal and have a combined GDP of $28 trillion -far outweighing that of the EU. "After more than five years of intensive negotiations, we have come to an agreement that will support jobs, drive sustainable growth, foster inclusive development, and promote innovation across the Asia-Pacific region," trade ministers said in a statement. "Most importantly, the agreement achieves the goal we set forth of an ambitious, comprehensive, high standard and balanced agreement that will benefit our nation's citizens.