What Is the Trans-Pacific Partnership and What Does It Mean?

On October 5, 2015, the United States and 11 other Pacific Rim nations signed a sweeping multilateral trade agreement connecting 40% of the world economy. The Trans-Pacific Partnership (TPP) will be the world’s largest free trade area, creating a new economic bloc with reduced trade barriers between the 12 participating nations, which include Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam. The TPP is expected to “create jobs, drive sustainable growth, foster inclusive development and promote innovation across the Asia-Pacific region” and generate approximately $300 billion in profits for the 12 signatory nations within a decade. This new video from BBC News outlines the different elements of the TPP agreement, including what the partnership means not just for the individual nations, but also how the standardization of trade relations could create a new model for global commerce, intellectual property rights, and worker standards.