October 15, 2015
TPP Reaches Overall Consensus
On October 5, representatives of the 12 member states of the Trans-Pacific Partnership (TPP) held a press conference in Atlanta to announce that they had reached a deal after five and a half years of negotiations. This will eventually lead to the creation of a large free trade and economic zone in Pacific Rim, as the 12 member states comprise 40% of the world’s total GDP. After the news that a deal had been reached, South Korea began to formally consider joining the TPP. By contrast, the EU’s share of world GDP is only 25%. In Japan, the media reports that the TPP could benefit consumers by lowering prices of staple goods, but that it may be challenging for the Japanese agriculture industry which will be exposed to increased competition.