The Trans-Pacific Partnership, or TPP, was a proposed trade agreement that was drafted in 2015. It was signed the following year. However, it was never ratified and therefore never went into effect.
Under the TPP, the lowering of tariff and non-tariff trade barriers was proposed. The TPP was also going to establish an investor-state dispute settlement.
The original nations that signed the TPP were as follows:
- Malaysia, Mexico
- New Zealand
- United States
Of these nations, only Japan and New Zealand ratified the TPP. After originally signing, the U.S. withdrew its signature in January 2017. One year later, the other 11 signers decided to revise the agreement. In March 2018, it was signed by the original signers of the TPP, with the exception of the United States. However, it was renamed as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
The CPTPP has not yet been ratified by at least 50% of the 11 nations, so it is not in force. Once ratified, the CPTPP will be one of the largest trade agreements in the world. As of July 2018, three countries have ratified the trade agreement.