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Free trade agreements (FTAs) are arrangements between nations that reduce trade barriers like tariffs and import quotas
Trans-Pacific Partnership
The Trans-Pacific Partnership (TPP) is a proposed regional free trade agreement that aims to liberalize trade of most goods and services and go beyond trade commitments currently established by the World Trade Organization (WTO); the TPP could potentially eliminate tariff and non-tariff barriers to trade and investment among the countries involved and could serve as a template for a future trade pact
Analysis The TPP is currently being negotiated among the United States, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore,Vietnam and Japan Potential future members include Taiwan, the Philippines, Laos, Colombia, Thailand, and Costa Rica There have been 16 rounds of negotiations and each year more countries join the negotiations
Source: International Trade Administration.
Rounds of Negotiations
June Round 7, Ho Chi Minh City,Vietnam May Round 12, Dallas, USA September Round 14, Leesburg, Virginia, USA July Round 13, San Diego, USA May Round 17, Lima, Peru
2005
2008
2010
2011
2012
2013
January U.S. agrees to enter talks with P4 about liberalizing trade in financial services September U.S. announces it will begin negotiations with P4 countries to join the TPP
March Round11, Melbourne, Australia June Canada and Mexico announce they will join TPP negotiations
December Round 15, Auckland, New Zealand March Japan announces it will join TPP negotiations
Source: International Trade Administration; Office of the U.S.Trade Representative, Ian F. Fergusson,William H. Cooper, Remy Jurenas, and Brock R.Williams, The Trans-Pacific Partnership Negotiations and Issues for Congress, Congressional Research Service, April 15, 2013.
Japan Malaysia
$25.9
$12.9
Certain U.S. footwear manufacturers have argued for maintaining high tariffs on imported footwear, while Vietnam is pressing for lower tariffs to gain greater access to the U.S. market The U.S. dairy sector wants protection from New Zealands dairy exporters
Vietnam
$20.3
$4.6
$3.4
$3.2
Analysis Among confirmed TPP members, U.S. is negotiating for market access to goods, services, and agriculture with countries with which it does not currently have FTAs: Japan, Malaysia,Vietnam, New Zealand, and Brunei The U.S. is seeking increased intellectual property rights protection, such as requiring criminal penalties for importing counterfeit labeling and packaging, whether done willfully or not, and requiring criminal penalties for cam-cording in movie theatres
Source: International Trade Administration; Office of the U.S.Trade Representative, Ian F. Fergusson,William H. Cooper, Remy Jurenas, and Brock R.Williams, The Trans-Pacific Partnership Negotiations and Issues for Congress, Congressional Research Service, April 15, 2013.
Source: International Trade Administration; Office of the U.S.Trade Representative, Ian F. Fergusson,William H. Cooper, Remy Jurenas, and Brock R.Williams, The Trans-Pacific Partnership Negotiations and Issues for Congress, Congressional Research Service, April 15, 2013.
Source: International Trade Administration; Office of the U.S.Trade Representative, Ian F. Fergusson,William H. Cooper, Remy Jurenas, and Brock R.Williams, The Trans-Pacific Partnership Negotiations and Issues for Congress, Congressional Research Service, April 15, 2013.
U.S. World and TPP Goods Trade (In billions of U.S. dollars)
2003
2004
2005
2006
2007
2008
2009
2010
2011
Analysis The TPP could have a significant impact on U.S. trade because potential TPP members account for 62% of U.S. trade; confirmed TPP members account for 34% of U.S. trade Certain industries that export to TPP countries will be impacted; the major U.S. merchandise exports to TPP countries are machinery (e.g., computers, turbines, and agricultural equipment), electrical machinery (e.g., integrated circuits, semiconductors, and cell phones), autos, and refined petroleum products
* China, Hong Kong, Indonesia, South Korea, Papua New Guinea, Peru,The Philippines, Russia,Taipei, and Thailand Source: International Trade Administration; Office of the U.S.Trade Representative, Ian F. Fergusson,William H. Cooper, Remy Jurenas, and Brock R.Williams, The Trans-Pacific Partnership Negotiations and Issues for Congress, Congressional Research Service, April 15, 2013.