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After more than six years of negotiations, last week the United
States and 11 other Pacific Rim nations (Australia, Brunei, Canada,
Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and
Vietnam) formally signed the Trans-Pacific Partnership
("TPP") agreement. The TPP has been named by many as
the largest trade deal in history, expected to cover 40 percent of
the world economy. As previously published in our Jones Day Update, although supported by
President Obama, the TPP has encountered multiple oppositions from
both Democrats and Republicans. The TPP aims to eliminate more than
18,000 tariff taxes other countries put on Made-in-America
products. Many steps still remain in finalizing the trade deal. The
TPP still needs to be ratified by at least six countries (including
the United States), which account for 85 percent of the combined
gross domestic production of the 12 TPP nations, and Congress will
need to vote on final ratification of the legislation.
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