The USA, Canada, Australia, Japan, Mexico, New Zealand, Singapore, Malaysia, Vietnam, Peru, Chile and Brunei have signed the deal, which goes far beyond the usual tariff-reduction goals of traditional trade deals.
Additional measures include greater transparency and liberalisation in foreign investment rules, including provision for neutral and transparent international arbitration of investment disputes.
There are also commitments on trade facilitation, with TPP countries agreeing to publish their customs laws and regulations, and release goods without unnecessary delays where officials take too long to assess duties or fees.
They have also agreed to consult openly on proposals for technical regulations that must be followed by importers, exporters and local producers.
TPP countries have also agreed to open immigration procedures for temporary business visitors.
Finally, there was agreement to ensure that state-owned enterprises and monopolies – particularly prominent in TPP emerging market countries – do not discriminate against businesses, goods and services...