The Trans-Pacific Partnership (TPP) is one of the most significant pieces of trade legislation in recent history. A free trade pact between the U.S., Canada, Mexico and nine other countries, it could open up significant opportunities for importers and exporters on both sides of the Pacific Ocean.
Overall, TPP is focused six key areas:
- Reducing or eliminating tariffs on qualifying products between member countries
- Simplifying of Rules of Origin to improve ease of classification
- Streamlining complex customs procedures
- Harmonizing rules and regulations between countries
- Modernizing trade between countries, including addressing the digital economy, green technologies and other innovations
- Creating a “living” agreement, allowing for updates as new trade issues emerge
Member countries have been extolling the virtues of TPP for some time, including boosts to local economies and job creation. Read our resource, “Trans-Pacific Partnership: Ten things you need to know” to find out how the TPP might impact you!