Trans-Pacific partnership signed [1]
Saturday, February 6, 2016 - 10:29. Updated on Thursday, April 14, 2016 - 15:01.
A Trans-Pacific Partnership (TTP) agreement was signed in Auckland on 4 February by Ministers from the Asia-Pacific region and the United States amidst protests in Auckland.
The free trade agreement aimed to boost trade and investment among its 12 participating countries including the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
America's Chamber of Commerce in Singapore said this occasion marked an important milestone for regional economic integration.
The TTP’s pace setting standards will boost trade and investment among the 12 participating countries while its open architecture promises rising benefits as membership grows.
Chairman James Andrade said this is an important step toward the realization of the promise of TTP.
"The agreement will deliver far-reaching benefits for American businesses already in the region and signal to other companies that now is the time to explore opportunities around the Pacific."
Media reports states that member countries are hoping to foster a closer relationship on economic policies and regulation and this controversial trade agreement could create a new single market something like that of the EU.
At the same time, the agreement aims to deepen economic ties between these nations, slashing tariffs and fostering trade to boost growth.
The trade agreement, a US led initiative was largely protested against and opposed to by people in Auckland.
New Zealand Prime Minister John Key said the deal would benefit everybody.
"The opening of our markets will ensure the lives of our people. The TTP will make new trade opportunities. It is overwhelmingly in the best interest of our countries and our citizens," he said.
This agreement excludes China, the world's second largest economy.