TPP – the Trans Pacific Partnership Agreement was formally signed in New Zealand on February 4, 2016.
TPP aims to create one regional market for goods and services from its member countries which all border the Pacific Ocean. It also establishes the rules by which the member countries will need to trade with each other. These rules, and other provisions in the agreement, have generated mixed responses – praise from businesses and criticism from civil society.
However, whether it’s Canadian dairy, US cars, or Japanese rice all TPP members stand to win and to lose from the agreement. Here are some numbers to think about:
12– the number of countries that negotiated and signed TPP: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam
800 million – population of the 12 member countries
5 – number of developing and emerging economies that are members of TPP
36–percentage share of world Gross Domestic Product (GDP) for which TPP member countries are currently responsible
40 – percentage share of world trade for which TPP member countries are currently responsible
24 – percentage share of the world’s trade in services for which TPP countries are currently responsible
28 trillion – amount in US dollars TPP members currently contribute to world GDP
18,000– number of tariffs to be lifted on goods that are traded by TPP members
295 billion – estimated volume of trade (in US dollars) the TPP is expected to generateby 2026
6 – number of TPP partners with which the United States already has free trade agreements; Australia, Canada,Chile, Mexico, Peru, Singapore – although TPP introduces new rules of trade
100 – percentage of manufactured goods on which all tariffs will eventually be eliminated
18 – percentage more that export-related jobs pay in the United States
2.7 billion – amount New Zealand estimates (in NZ dollars) that TPP will add to its annual GDP by 2030
11 – percentage by which Vietnam’s GDP is anticipated to rise by 2026 because of TPP
28 – percentage by which Vietnam’s exports are anticipated to rise by 2026 as a result of companies relocating factories to Vietnam because of TPP
9 – tariff rate on beef entering Japan from another TPP member starting in about 2032; currently 38.5% the rate on beef entering Japan will be gradually lowered over 16 years
0.7 – percentage increase in GDP by which Australia expects to benefit from TPP
98 – percentage share of tariffs on Australia’s exports to TPP countries that will eventually be eliminated
5 to 8 – number of years biologics (next-generation pharmaceuticals) must be protected by patents by TPP members
45 – percentage of car required to be made in a TPP country to receive duty-free entry in another TPP member; NAFTA requires at least 62.5% of a car’s content to be made in a NAFTAmember
