Trans-Pacific Strategic Economic Partnership Agreement

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Transpacific Economic Partnership Agreement
Transpacific Economic Partnership Agreement

The Trans-Pacific Strategic Economic Partnership Agreement (TPSEP) is a trade agreement between four Pacific Rim countries concerning a variety of matters of economic policy. The agreement was signed by Brunei, Chile, Singapore and New Zealand in 2005 and entered into force in 2006. It is a comprehensive trade agreement, affecting trade in goods, rules of origin, trade remedies, sanitary and phytosanitary measures, technical barriers to trade, trade in services, intellectual property, government procurement and competition policy. Among other things, it called for reduction by 90 percent of all tariffs between member countries by 1 January 2006, and reduction of all trade tariffs to zero by the year 2015.

Members of TPP
Members of TPP

Negotiations
During the 2002 Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting in Los Cabos, Mexico, Prime Ministers Helen Clark of New Zealand, Goh Chok Tong of Singapore and Chilean President Ricardo Lagos began negotiations on the Pacific Three Closer Economic Partnership (P3-CEP). According to the New Zealand Department of Foreign Affairs and Trade.

“The shared desire was to create a comprehensive, forward-looking trade agreement that set high-quality benchmarks on trade rules, and would help to promote trade liberalisation and facilitate trade within the APEC region.”

— Ministry of Foreign Affairs and Trade, New Zealand 2005

Members of TPP
Members of TPP

Brunei first took part as a full negotiating party in April 2005 before the fifth, and final round of talks.Subsequently, the agreement was renamed to TPSEP (Trans-Pacific Strategic Economic Partnership agreement or Pacific-4). Negotiations on the Trans-Pacific Strategic Economic Partnership Agreement (TPSEP or P4) were concluded by Brunei, Chile, New Zealand and Singapore on 3 June 2005, and entered into force on 28 May 2006 for New Zealand and Singapore, 12 July 2006 for Brunei, and 8 November 2006 for Chile