Posted by: mulrickillion | October 5, 2011

The Trans-Pacific Partnership — Its Economic and Strategic Implications

By Joshua Meltzer, Fellow, Global Economy and Development

The Brookings Institution

September 30, 2011 —

While the challenges of the World Trade Organization (WTO) Doha Round have been the focus of attention recently, real trade policy action has been happening in the Asia-Pacific region. Already the Asia-Pacific accounts for about 50 percent of trade and 60 percent of global GDP and the International Monetary Fund (IMF) estimates that by 2030, the GDP of Asia will exceed that of the G7.

One of the key trade negotiations currently underway in the Asia-Pacific region is the Trans-Pacific Partnership (TPP), a regional free trade agreement (FTA) that comprises the United States, Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore and Vietnam. These countries represent about 26 percent of global GDP and approximately 17 percent of world trade. Currently, U.S. trade with TPP countries represents 6 percent of total U.S. trade and 17 percent of trade with Pacific Rim countries. Additionally, the economic significance of the TPP for the U.S. will likely increase as the Obama Administration has signaled its willingness for other countries to join the partnership and for the TPP to become a building block for a free trade area of the Asia-Pacific ­ a goal that was proposed at the 2006 APEC Summit in Hanoi. To strengthen the role that the TPP could play in building towards an Asia-Pacific FTA, all parties have agreed that, in principle, APEC members are eligible to join the new partnership. . . .

The Trans-Pacific Partnership — Its Economic and Strategic Implications – Brookings Institution

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