Pacific Money

Can the TPP Rescue Global Economy?

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Pacific Money

Can the TPP Rescue Global Economy?

The deal comes at a time when global trade is slumping.

Can the TPP Rescue Global Economy?
Credit: Japan auto exports via Sakarin Sawasdinaka / Shutterstock.com

Global trade has officially slumped into recession, including in Asia. For a debt-ridden and troubled world economy, the long awaited Trans-Pacific Partnership (TPP) deal may have come just in the nick of time, but there are plenty of risks still ahead.

After narrowly failing to reach agreement in August, the 12 TPP nations finally sealed a deal on October 5 after five days of round-the-clock talks, creating the world’s biggest free trade zone. Comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam, the grouping encompasses 40 percent of world gross domestic product (GDP) with economic output of nearly $30 trillion, representing the biggest multilateral trade pact in two decades.

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