The Trans-Pacific Partnership: Understanding the Economic Impact for Mexico and Canada
DOI:
https://doi.org/10.32870/mycp.v5i13.498Keywords:
Trans-Pacific Partnership, free trade agreement, North America, trade and investment, international economics.Abstract
The Trans-Pacific Partnership is a potential Free Trade Agreement (FTA) at an advanced stage of negotiation. The TPP is composed of 12 countries from the Asia-Pacific region: New Zealand, Peru, Vietnam, Australia, Singapore, Brunei, Malaysia, Mexico, Chile, Canada, Japan and the United States. The objective of these nations is to create a cutting-edge fta which solves tradi- tional and non-traditional trade issues which are affecting global commerce and investments. Nonetheless, there is a lack of knowledge and understanding of people, including business people with regard to the economic impact that the Trans-Pacific Partnership (TPP) might generate for participating nations such as Mexico and Canada. Thus, this research paper presents information which was collected and analyzed not only to make aware Canadian and Mexican business people about the relevance of the tpp, but also to encourage them to find synergies and collaborations between them. Analysis was based on secondary research, collecting information through multiple secondary data sources to provide different perspectives.The research drew attention to the fact that the tpp region might become one of the most relevant trade regions around the globe, because it would represent an attractive market of more than 800 million consumers, representing about 40% of the Global GDP (Dawson & Bartucci, 2013: 2-4). Further investigations revealed that the economic impact of the tpp for all 12 nations would be positive and based on trade creation. It is estimated that by 2025, the TPP would produce extra income in the world trade of 295 billion USD (Petri, Plummer & Zhai, 2012: 85). In the particular case of Canada and Mexico, economists have pointed out that by 2025, Mexico could receive sub- stantial benefits from the tpp, gaining 21 billion usd in additional income, whereas Canada would also gain extra income, about 9.9 billion usd (Petri et al., 2012: 40-44). Finally, this research paper states five recommendations for Canadian and Mexican business people to increa se their knowledge and understanding of the tpp and they contribute to get the benefits when this FTA is in force.Downloads
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