Concept: Trans-pacific pact and exports
Topic: International Relations
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Trans Pacific Partnership
Trans-Pacific Partnership is an important topic in International Relations for the UPSC exam.
The Trans Pacific Partnership represents a trade agreement between 12 countries geographically located around the Pacific Rim. The TPP is part of the earlier Trans-Pacific Strategic Economic Partnership Agreement (TPSEP or P4) actually signed by member countries like Chile, Brunei, New Zealand and Singapore. Various features of the TPP include comprehensive market access, regional approach to commitments, addressing new trade challenges, inclusive trade and platform for regional integration.The TPP agreement is expected to remove tariffs on US manufactured goods and includes every US farm product. Simply put these provisions are expected to boost small businesses in the US.
But there were certain problems associated with Trans Pacific Partnership like-even after limited protection on privacy, personnel data can be sent across the borders. Also, there is an issue of lack of transparency.