|The Original P4|
The Trans-Pacific Strategic Economic Partnership Agreement between Brunei Darussalam, Chile, New Zealand and Singapore was signed in 2005. The original Trans-Pacific Agreement negotiations were launched by Chile, New Zealand and Singapore at the APEC Leaders’ Summit in 2002. After attending a number of rounds as an observer, Brunei joined the Trans-Pacific Agreement as a “founding member”. It was given some flexibility to implement its commitments in light of its late joining; for example, it was given more time to negotiate its services and government procurement schedules. Negotiations on those schedules took place in 2008.
The Trans-Pacific Agreement entered into force on 1 May 2006 for New Zealand and Singapore following the passage of implementing legislation and regulations, and entered into force for Chile on 8 November 2006. The Agreement provisionally applied to Brunei from 12 June 2006 and came into full force in July 2009.
Negotiations on financial services and investment were deferred for two years. The Bush administration announced in February 2008 that the US would join those negotiations. Three rounds were held, in March, June and September 2008. The US announced in September 2008 that it would accede to the full P4 agreement and invited Australia, Peru and Vietnam to join them. The full participation of Australia and Peru was announced at the APEC Leaders’ meeting in Peru in November 2009, with Vietnam initially attending as an observer.
The first round of negotiations for the expanded the TPP to include the United States, Australia, Peru and Viet Nam was scheduled to take place in Singapore in March 2009. The proposal generated controversy in the US Congress, where 54 members wrote to President Obama opposing the agreement and 45 countered with a letter in support. In February 2009 the new US administration requested a postponement to allow time for a review US trade policy and priorities. The first round of negotiations was rescheduled for 15-17 March 2010 in Melbourne.
|Last Updated on Tuesday, 16 March 2010 07:39|