US, 11 other countries entered into the TPP

After more than a decade of tough trade negotiations, the United States and 11 other Pacific Rim countries – nearly 40% of world’s economy – have finalized the Trans-Pacific Partnership (TPP), a primary objective of the Obama’s administration foreign and trade policies in Asia. According to 30 chapters, the TPP will enhance comprehensive market access, regional approach to commitments and inclusive trade.

Though the TPP has been built with a view to counterbalancing the growing regional leadership of China, the second largest economy in the world, it aims to address new trade challenges and to act as a platform for regional integration. Leaving China –who is committed to reviving the Silk Road – out of the deal is a mistake, several trade specialists think. Yet it could be a decisive point in order to get the Congress’ approval within the next 90 days.