萬國法律事務所

Twelve countries have officially signed the Trans-Pacific Partnership Agreement (TPP) in New Zealand on 4 February 2016. However, the actual implementation of the agreement will require several additional years of negotiations.

The TPP is one of the largest multilateral trade agreements, and covers 40 percent of the global economy. The members spent five years negotiating the TPP to reach a consensus.

The TPP now faces ratification, which process will takes approximately two years. For successful implementation of the agreement, the final version must be ratified by more than six of the twelve member countries, and the GDP of those six countries must account for more than 85% of all signatories.

Among these countries, the US and Japan must ratify the agreement with respect to the TPP formulating common standards regarding labor rights and intellectual property protection. However, as some members of both political parties in the US oppose TPP, it is unlikely that the United States Congress will ratify TPP before US President Barack Obama, who favors TPP, leaves office in early 2017.

US Trade Representative Michael Froman has stated that the US Government is making every effort to promote the agreement, and that he is confident that the US Congress will support the TPP. In Japan, the resignation of Economic Revitalization Minister Akira Amari over bribery claims may increase the difficulty of ratification of the TPP in Japan.

In addition, the TPP is the subject of massive opposition in many countries. The opponents claim that the TPP negotiations were not sufficiently transparent, and that the TPP may reduce opportunities to procure less expensive medicines. Opponents also worry that the articles allowing foreign investors to sue governments when they suffer damages might harm the interests of domestic enterprises.