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It involves 12 countries: the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
The pact aims to deepen economic ties between these nations, slashing tariffs and fostering trade to boost growth.
Member countries are also hoping to foster a closer relationship on economic policies and regulation.
The agreement could create a new single market something like that of the EU.
Most goods and services are involved, but not all tariffs - which are taxes on imports - are going to be removed and some will take longer than others. In all, some 18,000 tariffs are affected.
For example, the signatories have said they will either eliminate or reduce tariffs and other restrictive policies from agricultural products and industrial goods.
Tariffs on US manufactured goods and almost all US farm products will go almost immediately once the deal is ratified.
On textiles and clothing, they will be removing all tariffs, but while the?US Trade Representative?says most tariffs will be removed immediately after the deal is ratified, "tariffs on some sensitive products will be eliminated over longer timeframes as agreed by the TPP Parties".
On trade in services, they have agreed that free trade would be quite a good thing, and in some areas, they are going to liberalise trade.
The full text of the TPP agreement - which runs to 30 chapters - has now been published and you can?read it all here.
Latest Activity: Nov 22, 2016
Never heard of the Comprehensive Economic and Trade Agreement (CETA) or Trade in Services Agreement (TISA)? Me too. And the details of TISA can't even be released to the public until five years after…Continue