Three expansive and controversial trade agreements – the Trans Pacific Partnership, the Transatlantic Trade and Investment Partnership and the Comprehensive Economic and Trade Agreement – are currently in the negotiation or ratification stages. These three (with some overlap with the EU, US and Canada) involve some of the world’s biggest economies and, if successful, will implement rules that critics claim go far beyond traditional trade agreements. However, the fate of all three agreements remains uncertain. CETA still needs to be ratified by the EU parliament as well as 28 member states, while TTP and TTIP are bogged down in negotiations.
All these acronyms can get confusing, so, who is involved in these agreements and what are the points of contention?
Trans Pacific Partnership
The TTP began as a proposed agreement between Chile, New Zealand, Singapore and Brunei. In January 2008 the US joined negotiations, followed by Australia, Vietnam, Peru (2009) and Malaysia (2010) and Canada and Mexico (2012). In 2013 Japan entered negotiations and Taiwan, South Korea and even China have expressed interest. All told, these countries make up 40% of the world’s GDP.