During the Honolulu Asia Pacific Economic Cooperation (APEC) summit last month, US President Barack Obama and leaders of nine Asia-Pacific countries unleashed their ambitious goal to conclude a major regional trade agreement within the next 12 months.
The deal, negotiated by countries located across the Pacific rim under the Trans-Pacific Partnership (TPP) framework — Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, the US and Vietnam — is dubbed to be “beyond ordinary free-trade deals” and is set to serve as “the 21st-century’s trade accord”, covering areas normally excluded from any trade agreements, such as government procurement, which is related to a country’s domestic policy, and embracing labor, environmental and intellectual property standards.
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