Preparing to Face Up to TPP Fallout
The Financial Express, November 07, 2015
3 Pages Posted: 9 Nov 2015
Date Written: November 7, 2015
The Trans-Paciific Partnership (TPP) deal was finalised on October 05, 2015 by 12 member-states to promote economic growth, job creation, innovation, productivity, competitiveness, and living standards, reduction of poverty, transparency, good governance, labour and environmental protection among them. Member-countries of the TPP are Brunei, Chile, New Zealand, Singapore, Australia, Canada, Japan, Malaysia, Mexico, Peru, the United States and Vietnam. It has the mechanism to lower trade barriers such as tariffs and establish a dispute settlement platform. Cambodia, the Philippines, Thailand, Indonesia, Taiwan and South Korea have intended to join the newly-formed partnership. The TPP is set to offer comprehensive market access for its member-states within the bloc. It will eliminate or reduce tariff and non-tariff barriers substantially in all trades in goods and services and cover the full spectrum of trade, including goods and services and investment. It will also facilitate development of production and supply chains, and seamless trade, enhancing efficiency and supporting their goal of creating jobs, raising living standards, enhancing conservation efforts, and facilitating cross-border integration, as well as opening up of domestic markets.
Keywords: TPPA; TPP; Trans Pacific Partnership; Trans Pacific Partnership Agreement; Bangladesh and TPPA; TPP's impact on Bangladesh's Foreign Trade
JEL Classification: F53
Suggested Citation: Suggested Citation