After years of negotiations, the twelve countries participating in the Trans-Pacific Partnership (TPP) have reached agreement on the historically large trade deal. TPP is projected to encompass 40% of global economic output and is the largest free trade agreement negotiated by the U.S. since NAFTA in 1994. While there have been conflicting political interests surrounding TPP negotiations in the U.S. and in other participating nations, if it is implemented, the deal will significantly stimulate trade amongst the twelve nations.
Trade processing capacity challenges currently exist in many of the participating countries and an increase in flow will only further test current infrastructure, processes, and the respective customs administrations. Putting in place the political will and legal agreements will only advance the desired effects of the TPP so far. Legislators and state leaders must be mindful of the resources needed to support their border management authorities.
The 12 TPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the U.S.
More can be found on the Korea Herald.