The “TPP-11” has finally moved forward under a new agreement to be known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, with talks finalised in Japan overnight. Canada is back on board and the agreement is on track to be signed in March this year. The Global Trade Professionals Alliance (GTPA) is pleased to see that, despite the hiccups in Vietnam late last year, the revitalised eleven-country Comprehensive and Progressive Agreement for Trans-Pacific Partnership will now move forward.
Executive Director of the GTPA and former CEO of the Export Council of Australia, Lisa McAuley, says, “Increasing trade and investment is absolutely crucial to unlocking opportunities for the 11 countries involved in the agreement. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is an important step forward at a time when the benefits of international trade are the subject of debate in various contexts.”
It has long been demonstrated that, even with its acknowledged systemic imperfections, trade has been a powerful driver for economic value creation, inclusion and poverty reduction, as well as promoting peace and security. The conclusion of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership has shown that there are still countries willing to work together to embrace these core benefits.
“Businesses from all of the 11 countries will need to review the revised agreement to determine any benefits relating to them. It should be remembered, however, that the introduction of Free Trade Agreements (FTAs) does not introduce complexity into a perfect and uniform world. The world is already a complex web of tariff rates, standards and entry requirements, and successful exporters and importers, both large and small, are already navigating their way around them. This is where the GTPA global ecosystem will be able to play a huge role in working with our partner networks and education providers globally across the TPP countries to ensure that the benefits of the agreement will be applicable to
MSMEs,” Ms McAuley said.
As with any new agreement or regulatory reform all businesses need to conduct thorough research and invest in the right skills to build their knowledge. The GTPA as an organisation connecting individuals and organisations to a trusted network with recognised capabilities that power supply chains and their communities around the world will be able to assist to work with the 11 countries and their MSME communities with our alliance network to build their professional capabilities to demystify the agreement to the benefit of all businesses engaged in global trade.