Description
Despite a few key sticking points not yet resolved through 15 negotiating rounds, the Trans-Pacific Partnership (TPP) is likely to come into force in the next year. With 13 initial members, and the possible addition of South Korea and Japan, it will then become the largest worldwide free trade zone. Yet its complexity still leaves large parts of it not very well understood. The authors, all holding positions at the Peterson Institution of International Economics, address the current status of negotiations, the major sticking points, and the likely result of adding countries to the trade agreement. The final chapter briefly addresses the important issue of potential Chinese involvement. A useful two page glossary appears before the index. Annotation ©2013 Book News, Inc., Portland, OR (booknews.com)
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The Trans-Pacific Partnership (TPP) is a big deal in the making. With the Doha Round of multilateral trade negotiations at an impasse, the TPP negotiations have taken center stage as the most significant trade initiative of the 21st century. As of December 2012, negotiators have made extensive progress in 15 negotiating rounds since the talks began in March 2010, though hard work remains to finish the deal in the coming year or so. Despite this effort, however, the TPP is not well understood. In part, the reason lies in the dynamism of the TPP initiative. Unlike other free trade pacts, the growing membership as the talks have proceeded, and the broad range, complexity, and novelty of the issues on the agenda have made it difficult to track the substantive detail and progress of the talks.This Policy Analysis aims to remedy this problem by providing a reader's guide to the TPP initiative. It first assesses how much the TPP countries are alike and like-minded in their pursuit of a comprehensive trade deal. It then examines the current status of the talks, the major substantive sticking points, and the implications of Canada and Mexico joining the talks as well as prospective membership of other countries. The Policy Analysis then looks ahead to how the TPP could advance economic integration in the Asia-Pacific region and the implications for trade relations with China.
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