On Oct. 5, the United States and 11 other countries finalized the Trans-Pacific Partnership (TPP) free-trade agreement after seven years of negotiations. Besides the United States, the other countries involved are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The goal of the TPP is to “promote economic growth; support the creation and retention of jobs; enhance innovation, productivity and competitiveness; raise living standards; reduce poverty; and promote transparency, good governance, and enhanced labor and environmental protections.” If only! Grandiose promises aside, the TPP would, among other things, reduce tariffs and establish an alternative method of resolving trade disputes outside of court.