Which countries were included in the partnership?
The Trans-Pacific Partnership (TPP) is a trade agreement that involved 12 countries including the US, Canada, Australia, Chile, Japan, Mexico, New Zealand, Peru, Singapore, Vietnam, Malaysia, and Brunei (Fergusson, McMinimy & Williams, 2016). These countries intend to liberalize trade and investment through newly established trade legislation and disciplines that surpass those of the world trade organization (WTO).
Which Pacific Rim countries were not included?
The historic regional free-trade pact excluded a number of Pacific Rim countries specifically known to be the economic tigers of the region. Such countries include South Korea, Taiwan, Singapore, and China. Notably, China is the largest Pacific Rim economy that did not involve in the trade agreement. This is probably due to lack of adequate enticement that can compel the country to sign on to the new standards of trade and investment.
Delegate your assignment to our experts and they will do the rest.
Proponents of the trade agreement within the United States
Many policy legislators promoted the trade agreement within the United States. For instance, Weisel advocated trade mechanisms intended to accelerate US engagement in the regional trade. As a result, the US could deepen her economic integration and ties within the Asian-pacific albeit her withdrawal under Trump’s administration thwarted this ambition. Again, some of the former defence secretaries became major proponents of the agreement as regards their 2015’s letter to the Congress in support for the TPP (Edelman, et al., 2018). Even Ashton Carter was an emphatic supporter of the same by 2015.
Opponents of the trade agreement within the United States
Customers union and the Consumer Federation of America greatly opposed the trade agreement, asserting that the deal would undermine American interests. In their letter to the Congress dated 2016, they argued that the TPP is associated with enormous risks that would undermine the country’s safety and health of customers (Edelman, et al., 2018). Still, environmental groups similarly criticized the agreement citing that it would threaten the air, water and American climatic conditions in general.
Trump’s executive order and its effects
Since the signing of the executive order, the US withdrew from the trade agreement. Economically, the withdrawal would close all new markets for the US and her patents would be less protected (Edelman, et al., 2018). Again, other countries will lack political trust on the US leaders for failure to stick to deals.
References
Edelman, D., et al. (2018). U.S. Influence in the Wake of the Trans-Pacific Partnership. U.S. withdrawal from the Trans-Pacific Partnership has significant implications for security and stability in East Asia. Retrieved from https://journalism.csis.org/u-s-influence-in-the-wake-of-the-trans-pacific-partnership/
Fergusson, I. F., McMinimy, M. A. & Williams, B. R. (2016). Congressional Research Service. The Trans-Pacific Partnership (TPP): In Brief. Retrieved from https://fas.org/sgp/crs/row/R44278.pdf
