On October 5, 2015, the largest pact governing international commerce was reached between the United States and 11 Pacific Rim countries, encompassing 40% of the world’s economic output. The TPPA aims to set new precedents and reinvigorate an expansion of global commerce by breaking down trade barriers such as tariffs, quotas and regulatory red tape – over time.
If ratified, the TPPA could attract more foreign investment in the region through the streamlining of rules designed to improve the investment environment. Not only would this create market opportunities for key exports from countries based in the ASEAN Region such as Malaysia, Singapore and Vietnam, it will also have a far reaching impact on goods and services by reshaping industries and change the costs of products from seafood to automobile parts.
ZICO Law is monitoring its developments closely to keep you updated on the TPPA and its impacts. We are pleased to share with you an overview of the TPPA. To view the alert, please click here.