The Trans-Pacific Partnership: Origin, Evolution, Special Features and Economic Implications

After concluding difficult and long negotiations, the Trans-Pacific Partnership (TPP) agreement was signed by twelve members in February 2016. It is an ambitious agreement that sets a new standard for global trade with a comprehensive coverage of issues and far-reaching liberalization measures. However, the ratification of the TPP in its agreed form is no longer possible because of the withdrawal of the United States. The paper argues that notwithstanding this, the TPP without the United States, or TPP-11, should be pursued by the remaining eleven members. This is because important economic benefits can be expected from its enactment. In addition, it is important to keep the momentum towards trade and investment liberalization and fight against growing protectionism.