After five years of negotiation,12 Nations The Trans Pacific Partnership in Auckland despite oppositions from several quarters. Share of TTP partner nations’ in world economy is around 40%.Due to this fact this deal is going to be one of the biggest multinational trade deal.
TTP Members have 2 years to ratify or reject the pact. This deal will facilitate trade among the member’s nation and
The TPP involves the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
US President Barack Obama said “Partnership would give the United States an advantage over other leading economies, namely China,”
He further said “TPP allows America – and not countries like China – to write the rules of the road in the 21st Century, which is especially important in a region as dynamic as the Asia-Pacific,”
US economy is going to receive approximately $100bn (£68.5bn) per year and that is goig to play vital role in US growth.