Twelve countries led by the United States and Japan finally came to an agreement October 5, 2015 to establish the Trans-Pacific Partnership (TPP), which will pave the way for lower tariffs and import quotas, reduced import and export costs, and the opening up of new market opportunities for the member countries.
U.S. Secretary of State John Kerry has released the following statement after the historic event:
“With today’s successful conclusion of the Trans-Pacific Partnership negotiations, the United States and 11 other nations have taken a critical step forward in strengthening our economic ties and deepening our strategic relationships in the Asia-Pacific region.
“This historic agreement links together countries that represent nearly 40 percent of global GDP. The TPP will spur economic growth and prosperity, enhance competitiveness, and bring jobs to American shores. It will provide new and meaningful access for American companies, large and small. And by setting high standards on labor, the environment, intellectual property, and a free and open Internet, this agreement will level the playing field for American businesses and workers.
“The TPP will provide a near-term boost to the U.S. economy, and it will shape our economic and strategic relationships in the Asia-Pacific region long into the future.
“I am proud of the work that our teams in Washington and at our embassies and consulates around the Pacific have done to bring these negotiations to a successful conclusion. I especially commend our outstanding Ambassador Michael Froman for his leadership and vision.”
Participating countries to the pact are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S., and Vietnam. The breakthrough came after years of negotiations.
Photo: Noclip
