Trans-Pacific Partnership aims to eliminate most tariffs between signatories

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Member countries of the TPP. CHANNEL NEWS ASIA
Member countries of the TPP. CHANNEL NEWS ASIA

TPP countries represent 40% of the world economy.

A new 12-nation trade agreement signed today (Monday, October 5, 2015)encourage trade among member countries and give Mexico new business opportunities in six Pacific Rim markets.

The Trans-Pacific Partnership (TPP) became a reality today after some key differences were resolved, principally between the United States and Japan, the largest of the 12 economies, although the accord is still only a tentative one.

Member countries’ legislators must ratify the agreement, which will eliminate most tariffs between its signatories.

In addition to Mexico, the U.S. and Japan, the 12 participating countries are Canada, Chile, Peru, Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam.

The accord will open new opportunities for Mexican industry in the latter six, said Economy Secretary Ildefonso Guajardo Villareal, who pointed out the region is forecast to see the highest economic growth over the next 25 years.

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The Economy Secretariat said in a statement that Mexico achieved balance through “arduous negotiations” in safeguarding its interests in the automotive and auto parts sector, textiles and clothing and agricultural products such as rice, meat and dairy.

The agreement was to be announced on Friday, but last-minute negotiations carried on through the weekend in Atlanta, Georgia. Negotiations first began in 2008.

TPP countries represent 40% of the world economy.

Source: Milenio (sp)