The “Trans-Pacific Economic Strategic Partnership Agreement” (TPP for short) is a free trade agreement for the Pacific Rim in North and Latin America, Oceania and Asia. As part of the agreement, the customs duties in the cross-border movement of goods between the individual contracting states are to be abolished or at least significantly reduced, and non-tariff barriers to trade are also to be largely removed by harmonizing labor law, environmental protection and technical standards amongst other things The following have signed the TPP: Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, the USA, Singapore and Vietnam.
The following have registered their interest in membership: Indonesia, Colombia, Laos, the Philippines, South Korea, Taiwan and Thailand. The following are negotiating future membership: India, Cambodia and Bangladesh.
However, it will probably take several more months before the TPP enters into force. Prior to this, the agreement must be ratified by the legislators in the individual contracting states. The TPP is not uncontested, particularly in the USA. There is also opposition in other countries.