What is the TTIP?

The TTIP is an abbreviation for the Transatlantic Trade and Investment Partnership. This comes from the EU trying to establish a trade and investment deal with the USA. The TTIP is being negotiated to help the US open up to opportunities from EU firms. It will come up with new rules regarding exporting, importing, and investing overseas.These new rules will allow for the provisions of energy and materials to be accessible. They'll protect people's rights and the environment while saving time and money on paperwork. The TTIP would be used to promote world trade rules and to generate more jobs and growth, offering people more choices to choose from. TTIP can benefit everyone in the world but to get it right we need to listen everyone's concerns and take them into consideration.

Source: http://ec.europa.eu/trade/policy/in-focus/ttip/about-ttip/

TPP's affect on Canada

Canada can greatly benefit from the TPP if it can come together with the remaining countries and create the deal without the U.S. Some of the positively effected industries are as follows:

Agriculture - The TPP eliminates most tariffs in the agriculture industry. For Canada, that means they can trade more products such as pork, beef, maple syrup, fruits and vegetables to other countries that were to expensive to prior.

Sea Food - The TPP fully eliminates tariffs on sea food (in 10-15 years), which gives Canada to opportunity to trade with countries such as Japan and Vietnam. Currently, these countries have very heavy tariffs on sea food that make it hard for Canada to export these goods.

Industrial goods - The TPP would eventually eliminate all tariffs on industrial goods. Some countries such as Vietnam have very high tariffs on certain metals (up to 40%). By eliminating these expenses, Canada could afford to trade with these countries.

There are a lot of things that can benefit Canada in the TPP. However, with the United States pulling out of the agreement, we will have to see if Canada can come together with the remaining countries and create a deal.

What will the TPP mean for China?

What will the TPP mean for china? The TPP is a pretty big deal since it’s the most important trade deal negotiated in over 20 years. According to China file “China has more recently dropped its blanket opposition, and taken a more nuanced “wait and see” attitude. On many occasions, Chinese spokesmen have indicated that although they were not ready to meet the demanding requirements of a potential TPP agreement today, they might be ready and willing to join in a few years.”

The TPP shows the United States and Japan exercising leadership and stepping out ahead of the global community in their willingness to negotiate new set of rules and obligation. What does this mean for china? It means that it is going to create the possibility that the future rule for the global economy will be written under predominant U.S. influence. This will make China incredibly uncomfortable, and it’s also putting pressure on china to come up with alternative that will be attractive to its neighboring countries while also serving its own country interest.

As President Donald Trump ended the United States Participation in the Trans-Pacific Partnership, a huge trade pact five years in making among countries representing 40% of the world economy. President Donald Trump removed the United States from participating his first day in office. Japanese told the "Financial Times" that Tokyo is ready to carry the TPP forward in the same form it was in when Donald Trump killed it. Japanese trade officials said "We will start talks on an eleven-member TPP, minus the US."

https://www.nytimes.com/2017/07/14/business/trans-pacific-partnership-trade-japan-china-globalization.html

Plans to Move Ahead Without the U.S.A.

When President Trump pulled the U.S. out of the TPP agreement almost immediatly after he took office, the world was not sure how the TPP would proceed, or if it could. However, the 11 other countries involved are looking at how they can move forward without the U.S. This push forward has been taken over by Japan, and recently had a meeting with the 10 other countries on how they could proceed with the U.S. powerhouse. The countries came together and started creating a new trade agreement, one that could work without the U.S. involvement.

In July of 2017, Japan and the EU met in Hamburg, Germany to create an outline of a broad trade agreement that could create $20 trillion in economic output. Japan and the other 10 countries involved will need to recreate the TPP to be able to bring it in effect. Currently, six countries that represent 85% of the worlds economic value of the 12 original members need to be on board for it to pass. Without the U.S. involved, it will not be possible. The world will keep watching and waiting to see how the other countries can come together to re-form the TPP.

Source:

https://www.nytimes.com/2017/07/14/business/trans-pacific-partnership-trade-japan-china-globalization.html

Why did President Trump back out of TPP?

Former President Barack Obama was the one who initiated for the U.S. to join the TPP, but on President Trump’s first day in office he signed an order stating that the U.S. was to be removed from the partnership. He declared an end to the era of multinational trade agreements. What they’ve done with their choice to withdraw from the partnership is to give them an incentive for diversifying their trading partners. In hopes that the diversifying will make them find their own way to start conversations and have negotiations that the U.S. will not participate in. However, removing the U.S. from the TPP increases doubt among the United States’ allies about how reliable the U.S. is across an array of overseas and financial matters. This removal marks the first time the U.S. has backed out from an agreement it supported. President Trump has changed the U.S. trade policy by insisting he will only negotiate trade deals with specific allies. It is to be determined how the administration will put the strategy into place and how to utilize it. The U.S. had tried bilateral agreements in the past, but they were slow to progress and some of the negotiations had to be abandoned which resulted in a shift to multinational agreements.

Source: (Solís, 2017)
https://www.brookings.edu/blog/unpacked/2017/03/24/trump-withdrawing-from-the-trans-pacific-partnership/

what was the TPP designed to do?

Not a lot of people know what TPP stands for. TPP also known as Trans-Pacific Partnership are twelve countries that border the pacific ocean TPP is expected to eliminate tariffs on goods and service. So how big is the TPP? The twelve countries include, Australia, Brunei, Chile, Malaysia, Mexico, New Zealand, Canada, Peru, Singapore, Vietnam, Japan and Of course the U.S.. These 12 countries the Biggest and fastest growing commercial partners, It counted for 1.5 trillion worth of trade in goods in 2012 and $242 billion worth service in 2011, it also Makes up roughly 40% of the world’s economic output.

http://www.speaker.gov/general/myth-vs-fact-setting-record-straight-trade-promotion-authority