Nearly a decade in the making, the 12-nation Trans-Pacific Partnership agreement will shape up-to-date rules for 40 percent of the world economy. Its benefits are mainly in tying the US, Japan, and others to set the highest values for global commerce.
Bythe Monitor's Editorial Board
The math doesn’t do it justice. Yes, a tentative trade pact agreed on Monday and known as the Trans-Pacific Partnership (TPP) would bind 12 nations into the largest economic bloc, covering 40 percent of the world’s economy. It would eliminate 18,000 tariffs. It might boost incomes by 0.5 to 1 percent for the countries involved. For sure, prices on imported products and services would be lower and exports higher.