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Home / IAS Preparation / Trans Pacific Partnership

Trans Pacific Partnership - Background, Objectives, Members, Economic Impact And More

Last Updated on Jan 15, 2024
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The Trans Pacific partnership is a trade agreement among 12 Pacific countries which was signed on 4th February 2016 in Auckland. It is also called the trans pacific partnership agreement. The agreement was formalized to promote economic growth, support the creation and retention of jobs, raise living standards, reduce poverty in the member countries, promote transparency, good governance and enhance innovation, productivity and environmental protections. The trans Pacific partnership is one of the most important topics for UPSC IAS examinations.

In this article on Trans Pacific Partnership, we shall discuss its Genesis, objectives, formulation, features, Criticisms and the current events associated with Trans Pacific partnership. This will help aspirants to tackle any question in the UPSC Prelims as well as the Mains examination.

What is Trans-Pacific Partnership?

The Trans Pacific Partnership was an expansion of the Trans Pacific Strategic Economic Partnership Agreement which was signed in 2005 by Singapore, New Zealand, Chile and Brunei. It was later joined by 8 other countries, i.e, Australia, Canada, Japan, Malaysia, Mexico, Peru, United States, and Vietnam in 2008 to enlarge the agreement. These twelve Nations account for 40% of the world’s economy.

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Members of Trans-Pacific Partnership

The member countries of the CPTPP are:

  1. Australia
  2. Brunei
  3. Canada
  4. Chile
  5. Japan
  6. Malaysia
  7. Mexico
  8. New Zealand
  9. Peru
  10. Singapore
  11. Vietnam
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Objective of Trans-Pacific Partnership

The idea behind formulation of Trans Pacific Partnership was:

  • To promote economic growth, reduce poverty among the member countries, enhance innovation and productivity and promote transparency among member nations.
  • It aimed to lower both the tariff and non terrace barriers to trade and come forward with an investor state dispute settlement mechanism.
  • Signatory countries were obliged to make efforts towards environmental protection.
  • It required countries to live up to their labour rights and fairness standards of the International Labour Organisation.
  • The states were required to open State procurement to foreign competition and not give undue preference to state owned enterprises.

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Criticisms of Trans Pacific Partnership

The major criticism against Trans Pacific Partnership were:

  • TPP negotiations were undertaken in considerable secrecy and the final text of the agreement was not made public.
  • It did not had strong provisions against unfair currency practices such as trade distortion by artificially low exchange rates.
  • Critics were of the view that TPP will benefit only big businesses and will put pressure on small firms and farmers who would have to compete with cheap foreign imports.
  • It was criticized for the weak language on the transition to a low emission economy. It did not use the term climate change.

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Why is The USA Focusing on Trans Pacific Partnership?

The TPP is the main document of the US president’s strategic shift towards the Asia Pacific. The alliance of like minded Nations is seen as counterweight to China as it expands its sphere of economic and political influence across the world and promotes a way of doing business which is counter to western standards. The establishment of Asian Infrastructure Investment Bank by China, which could challenge the western control institutions such as the International Monetary Fund and the World Bank that currently sets the training rules, has also added a sense of urgency in the formation of TPP.

The TPP also comes as Global free trade talks move slowly at the World Trade Organisation which requires unanimous agreements and where negotiations run afoul of conflicting interest between the developed and developing Nations.

Issues Which Prevent India From Joining TPP

The the mean issues which prevent India from joining are

  • The provisions relating to the protection of IPR are end at facilitating evergreening of patents there by delaying the entry of generic medicines into the market full stop with patented drugs continuing to remain monopolys for longer periods of time Pharmaceutical prices are likely to rise steeply in the market. Given the public health needs of the country, India has chosen to remain outside of TPP.
  • The political climate in the country limits the chances of wider constances on they need to accelerate the pace of reforms in the labour, export infrastructure, environment, banking and taxation spaces. Thus reforms would have to be phased, which would not be possible in case India joins TPP, even though it is believed that TPP would allow a 20 year transition period for the developing Nations.
  • The investor state dispute settlement system under the TPP which allows the investor to sue the government is also an area of concern for India.
  • For India to become a party of TPP, the model of reforms must change from aspirational to one based on aggressive action. It would be difficult and economically burdensome for India to initiate and execute the reforms that would be expected if India decides to join the TPP.

Implications For India
  • The will affect India’s exports to the 12 Pacific countries full stop according to an estimate trade worth 2.7 billion will be diverted away from India which could also increase to 3.8 billion full stop the cost could be even higher if India is unable to participate in global value change due to the TPP rules on standards labour and environment policies.
  • In the face of rising competition from Vietnam, India’s exports of textiles and clothing are likely to take a hit. However this impact would be confined mainly to the US market. In majority of the TPP Nations India’s exports may not suffer at tariff disadvantage as India already has FTAs with some of these countries or is in an advanced stage of concluding FTAs with the other member states.
  • Standardization of intellectual property regime across the TPP member Nations and rules on expropriation will make it more difficult for India to attract foreign investment.
  • The TPP can alter India’s bargaining power and negotiating positions. The TPP has set a benchmark for trade agreements. The spillover effects of this will be evident in the RCEP negotiations between the ASEAN and and the other countries including India.
  • The rules of origin along with the tariff reduction further favor products from member nations leading to greater inclusion of India from the Global value chains.

Comparison between TPP and RCEP

Some Scholars are of the view that TPP would compete with the proposed free trade agreement in Asia, i.e, RCEP and pose a challenge to the economic unity prevalent between the Asian nations since some of the RCEP members are also members of the TPP. The RCEP involves negotiations between 16 countries among which 10 are members of the ASEAN and six are its regional partners (India, Japan, South Korea, China, Australia and New Zealand).

There is an overlap in the membership of these two trade agreements. However it does not imply that the goals of the two agreements are antagonistic.

The TPP seeks to reduce tariff levels among member countries and standardize policies on various issues including intellectual property rights. On the other hand, the ambit of the RCEP is not quite as vast. Therefore, the two can be seen as different rungs on a free trade agreement path.

The RCEP will cover trade in goods and services investment, economic and Technical cooperation, intellectual property regime, competition, legal and institutional matters, and other issues. The TPP includes 30 chapters covering trade and trade related issues, beginning with trade in goods and containing through customs and trade facilitation, sanitary and phyto sanitary measures, technical barriers to trade, trade remedies, investment services, Electronic Commerce, government procurement, intellectual property, labour, environment. The TPP is made to ensure that it fulfills its potential for development, competitiveness and inclusiveness; dispute settlement, exceptions and institutional provisions.

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Economic Impact of Trans-Pacific Partnership
  • Market Access: CPTPP enhances market access by reducing or eliminating tariffs and trade barriers among member countries, promoting increased exports and imports.
  • Economic Growth: The agreement aims to stimulate economic growth by fostering trade and investment, creating new opportunities for businesses and industries.
  • Investment Flows: CPTPP facilitates increased foreign direct investment (FDI) among member countries, encouraging the flow of capital and technology transfer.
  • Job Creation: By promoting trade and economic activity, the agreement contributes to job creation in various sectors, boosting employment opportunities.
  • Small and Medium-sized Enterprises (SMEs): CPTPP includes provisions to support SMEs, helping them navigate international trade and benefit from reduced trade barriers.
  • Intellectual Property: The agreement establishes standards for intellectual property protection, encouraging innovation and technological advancements.

Recent Context

The United States of America withdrew from the agreement in May 2017. The other 11 TPP countries agreed then to revise it and hence reached an agreement by January 2018 to sign the revised version of the agreement which was named as the comprehensive and progressive agreement for trans pacific partnership. It was ratified by 6 of the member states, i.e, Australia, Canada, Japan, Mexico, New Zealand and Singapore and entered into force on 30th December 2018.

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UPSC Previous Year Question on Trans Pacific Partnership
  1. Q) With reference to the ‘Trans-Pacific Partnership’, consider the following statements: [UPSC CSE 2016]

We hope all your doubts regarding the Trans Pacific Partnership are addressed after going through this article.Testbook provides comprehensive notes for different competitive examinations. It has always assured the quality of its product like content pages, live tests, Gk and current affairs, mocks and so on.Ace your UPSC preparation with the Testbook App!

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FAQs

The trans Pacific partnership was a proposed trade agreement between The Trans-Pacific Partnership (TPP), also called the Trans-Pacific Partnership Agreement, was a proposed trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States signed on 4 February 2016 in Auckland.

The agreement was important because it was formalized to promote economic growth, support the creation and retention of jobs, raise living standards, reduce poverty in the member countries, promote transparency, good governance and enhance innovation, productivity and environmental protections.

India chose to remain outside of TPP as summer fits provisions relating to the protection of IPR where against India's interests. Thus, India is not a member ofTrans Pacific Partnership.

The member countries of theTrans Pacific Partnership are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States.

The United States of America withdrew from the agreement in May 2017. The other 11 TPP countries agreed then to revise it and hence reached an agreement by January 2018 to sign the revised version of the agreement which was named as the comprehensive and progressive agreement for trans pacific partnership.

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