Trans-Pacific Strategic Economic Partnership
The Trans Pacific Strategic Economic Partnership Agreement (P4) is a Free Trade Agreement between Brunei Darussalam, Chile, Singapore and New Zealand signed on 18 July 2005, and it entered into force on 1 May 2006. The P4 later on evolved into the Trans-Pacific Partnership (TPP) and serves as a basis for the TPP negotiations among 12 countries, i.e. Brunei Darussalam, Australia, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam, as it is today.
The P4 began with the launching of the Pacific Three, launched at the APEC Leaders' Summit in Mexico 2002 by Chile, New Zealand and Singapore. Brunei Darussalam was accepted as the fourth member of the TPSEP on 3rd June 2004, and signed the Agreement on 2 August 2005, and deposited its instrument of provisional application on 12 May 2006. In 2009, after finalizing its Services Schedule and Government Procurement List, Brunei completed its ratification process, and the Agreement fully entered into force for Brunei on 22 July 2009.
The P4 later evolved into the Trans-Pacific Partnership (TPP) with the addition of new members namely the United States, Australia, Peru, Viet Nam and Malaysia. Canada and Mexico participated the negotiations in December 2012. Japan is the most recent member, having joined negotiations in July 2013.
Formal negotiations began on 15 – 19 March 2010 in Melbourne, Australia. Brunei Darussalam had hosted several rounds, including the third Round of negotiations on 4 – 9 October 2010, as well as the 1st TPP Ministers Meeting on 22-23 August 2013.
The TPP continues to provide opportunities for new countries to join, after following through a process of consultation, assessment and consensus building among current members. Full consensus by current member-countries is required before accession of new members.
The TPP is set to be a high quality and comprehensive agreement, and aims to promote trade facilitation policies that address 'behind the border' barriers to trade, as well as to integrate small and medium enterprises (SMEs) more competitively into the regional and global supply chains. The scope of the TPP encompasses a diverse set of issues, including new cross-cutting issues (Horizontal Issues) previously not included in other FTAs, including Transparency, SME, Development, Regulatory Coherence, and Competitiveness.
TPP aspires to be a broad based 21st Century Agreement:
Benefits of the TPP include:
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