The Trans Pacific Partnership ( Tpp ) Is A Multilateral...

The Trans-Pacific Partnership (TPP) is a multilateral free trade agreement that aims to facilitate economic integration among its twelve member states. Scholars Capling and Ravenhill describe the agreement as â€Å"transregional† since it unites various states from five distinct regions: Oceania, North America, East Asia, Southeast Asia, and Latin America. After eight years of negotiations, the TPP was signed on February 4, 2016 but has yet to be ratified and implemented by its signatories. Besides extensive market access, the agreement focuses heavily on establishing regulatory provisions regarding issues of human rights, labour standards, as well as the environment. As an active agreement that is open to new provisions and amendments, the TPP has the potential to expand and meet the standards of new innovations while embracing prospective members after its ratification. This trade agreement is significant for a multilateral arrangement as the member states considered toge ther, represent over forty percent of the global gross domestic product (GDP) and has the potential to expand as new economies join. Accordingly, the purpose of this paper is to analyze the efficiency of the Trans-Pacific Partnership as a relative multilateral arrangement by exploring the agreement’s prospective socioeconomic impacts on its signatories. Utilizing a comparative approach, I will argue that the Trans-Pacific Partnership is an extension of the North American Free Trade Agreement (NAFTA) throughShow MoreRelatedInternational Trade Is A Crucial Part Of The U.s. Economy Essay1086 Words   |  5 Pagesinternational trade is a crucial part of the U.S. economy. In 2012 U.S. exports of services exceeded U.S. imports of services by $196 billion. 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