The Trans-Pacific Partnership, or TPP, is intended to build on the United States’ economic and strategic partnerships in the Asia-Pacific region, the U.S. State Department said in a recent fact sheet on TPP posted to the State Department’s website, state.gov.
“Negotiation of the Trans-Pacific Partnership is a cornerstone of U.S. trade policy, a priority initiative to promote economic recovery through increased exports and jobs, and the economic centerpiece of the Obama Administration’s strategic rebalance towards the Asia-Pacific region,” the fact sheet said.
Since the first round of negotiations in March 2010 between seven TPP partners – United States, Australia, Brunei Darussalam, Chile, New Zealand, Peru, and Singapore - membership has grown to twelve, with the addition of Vietnam and Malaysia (2010), Mexico and Canada (2012), and most recently Japan (2013).
The Trans-Pacific Partnership will boost our economies, lowering barriers to trade and investment, increasing exports, and creating more jobs for our people."
The Asia-Pacific region is home to the world’s most dynamic and fastest growing economies. Current TPP members represent about 40 percent of global GDP. Over the next two decades, it is forecast that nearly 50 percent of world growth will be generated in the Asia-Pacific region, yielding almost one billion new middle class consumers.
TPP includes some of America’s top trading partners – Canada (1st), Mexico (3rd), Japan (4th) – and collectively accounted for $1.5 trillion in trade with the United States in 2012. Total U.S. direct investment to TPP countries and direct investment from TPP partners have both doubled since 2002, reaching $843 billion and $596 billion in 2011, respectively.
“The Trans-Pacific Partnership will boost our economies, lowering barriers to trade and investment, increasing exports, and creating more jobs for our people,” U.S. President Barack Obama said. “The Trans-Pacific Partnership has the potential to be a model not only for the Asia Pacific but for future trade agreements.”
As TPP ministers and leaders prepare to meet next month in Bali on the margins of APEC, the United States and its eleven TPP partners will build on our shared values and strong economic ties, and will continue working to form a comprehensive and high-standard trade and investment framework in the rapidly growing Asia-Pacific region.