Conclusion of an agreement between 12 countriers
On 5 October 2015, Ministers of 12 countries from the Pacific region (Australian, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States of America and Vietnam) announced the conclusion of their negotiations, started back in 2007, for the Trans-Pacific Partnership (TPP) Agreement.
This agreement covers 30 chapters on trade and trade-related issues, such as trade in goods, customs, trade facilitation, technical barriers, investment, services, electonic commerce, public procurement, intellectual property rights, labour and environment.
This agreement will allow the suppression of over 18,000 custom taxes and create one of the largest free trade area in the world, representing almost 40% of international trade.
Source: United States Trade Representative