Look Out: TPP About to Bring Next Big Trade Wave


26th February 2018

By Jason Marczak, Director, Atlantic Council’s Adrienne Arsht Latin America Center
Next week will open a new chapter in global commerce. On March 8, eleven countries will gather in Santiago, Chile, to sign perhaps the most far-reaching multilateral accord in a generation. It’s an agreement that significantly deepens the trade relationship between the Americas and Asia. And one in which the United States will sit on the sidelines.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a game changer in global trade. It covers 14 percent of global gross domestic product and 500 million people. These are much lower numbers than if the United States had stayed in it. But that’s not the point. In the absence of World Trade Organization leadership to ink big, multilateral deals, regionalism is the preferred method. And the CPTPP sets the new world standard.
What does the CPTPP mean for the Americas?
For one, by eventually slashing duties on more than 99 percent of tariff lines (95 percent for Japan) and providing for a number of tariff reductions, the CPTPP will open critical new markets and provide a new platform to double-down on the growth in trade between the Americas and Asia. In our hemisphere, Chile, Peru, Mexico, and Canada are signatories to the pact.
But expect others to want to join. What has been negotiated will serve as the de facto rules of the game and the preferred platform for Latin American countries to dock on to for the purpose …

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