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Trans-Pacific Strategic Economic Partnership Agreement

Trade agreement between four countries

Summary

Trade agreement between four countries

FieldValue
nameTrans-Pacific Strategic Economic Partnership Agreement
imageTPSEP-4 Countries.png
image_width250 px
captionParties to the trade agreement
typeTrade agreement
date_drafted3 June 2005
date_signed18 July 2005
location_signedWellington, New Zealand
date_effective28 May 2006
condition_effective2 ratifications
parties*Brunei
depositorGovernment of New Zealand
languagesEnglish and Spanish, in event of conflict English prevails
  • Chile
  • Singapore
  • New Zealand

The Trans-Pacific Strategic Economic Partnership Agreement (TPSEP), also known as P4, is a trade agreement between four Pacific Rim countries concerning a variety of matters of economic policy. The agreement was signed by Brunei, Chile, Singapore and New Zealand in 2005 and entered into force in 2006. It is a comprehensive trade agreement, affecting trade in goods, rules of origin, trade remedies, sanitary and phytosanitary measures, technical barriers to trade, trade in services, intellectual property, government procurement and competition policy. Among other things, it called for reduction by 90 percent of all tariffs between member countries by 1 January 2006, and reduction of all trade tariffs to zero by the year 2015.

Earlier agreements

By 2001, New Zealand and Singapore had concluded the Agreement between New Zealand and Singapore on a Closer Economic Partnership (NZSCEP). The Trans-Pacific Strategic Economic Partnership Agreement built on the NZSCEP.

Negotiations

During the 2002 Asia-Pacific Economic Cooperation (APEC) Leaders' Meeting in Los Cabos, Mexico, Prime Ministers Helen Clark of New Zealand, Goh Chok Tong of Singapore and Chilean President Ricardo Lagos began negotiations on the Pacific Three Closer Economic Partnership (P3-CEP). According to the New Zealand Department of Foreign Affairs and Trade,

"The shared desire was to create a comprehensive, forward-looking trade agreement that set high-quality benchmarks on trade rules, and would help to promote trade liberalisation and facilitate trade within the APEC region."

Ministry of Foreign Affairs and Trade, New Zealand 2005

Brunei first took part as a full negotiating party in April 2005 before the fifth, and final round of talks. Subsequently, the agreement was renamed to TPSEP (Trans-Pacific Strategic Economic Partnership agreement or Pacific-4). Negotiations on the Trans-Pacific Strategic Economic Partnership Agreement (TPSEP or P4) were concluded by Brunei, Chile, New Zealand and Singapore on 3 June 2005, and entered into force on 28 May 2006 for New Zealand and Singapore, 12 July 2006 for Brunei, and 8 November 2006 for Chile.

Parties

PartySignatureEntry into forcePopulation
Bruneiurl=https://www.depd.gov.bn/SitePages/National%20Statistics.aspxtitle=National Statisticspublisher=depd.gov.bnaccess-date=1 July 2015url-status=deadarchive-url=https://web.archive.org/web/20161111141102/http://www.depd.gov.bn/SitePages/National%20Statistics.aspxarchive-date=11 November 2016 }}
Chile18,006,407 (62nd 2015 estimate)
New Zealand(123rd 2017 estimate)
Singaporeurl=http://www.singstat.gov.sg/statistics/latest-data#14title=Population & Land Area (Mid-Year Estimates)date=June 2014publisher=Statistics Singaporeaccess-date=25 September 2014url-status=deadarchive-url=https://web.archive.org/web/20150906095007/http://www.singstat.gov.sg/statistics/latest-data#14archive-date=6 September 2015 }}

Although the TPSEP agreement contains an accession clause and affirms the members' "commitment to encourage the accession to this Agreement by other economies", no such accession have taken place. All four countries were involved however in the negotiations for the Trans-Pacific Partnership Agreement, about which agreement was reached in 2015 involving eight additional parties.

The TPSEP (and the TPP it grew into) are not APEC initiatives. However, the TPP is considered to be a pathfinder for the proposed Free Trade Area of the Asia Pacific (FTAAP), an APEC initiative.

References

References

  1. (3 June 2005). "Brunei Darussalam, Chile, New Zealand and Singapore conclude negotiations on a Trans-Pacific Strategic Economic Partnership Agreement". Joint Press Statement from Brunei Darussalam, Chile, New Zealand and Singapore Ministers.
  2. (18 July 2005). "Second free trade agreement to be signed by NZ this year". New Zealand Government.
  3. "Treaties for which NZ is Depositary: Trans-Pacific Strategic Economic Partnership (TPSEP or P4)".
  4. (19 July 2005). "FTA signed: NZ, Chile, Singapore and Brunei to end tariffs". The National Business Review.
  5. "Trans-Pacific Strategic Economic Partnership Agreement: Understanding the P4 – The original P4 agreement".
  6. "SICE: Trade Policy Developments: Trans Pacific Partnership Agreement".
  7. (2005). "Trans-Pacific Strategic Economic Partnership Agreement". NZ Ministry of Foreign Affairs & Trade.
  8. (July 2005). "Trans-Pacific Strategic Economic Partnership Agreement national interest analysis". [[Ministry of Foreign Affairs and Trade (New Zealand)]].
  9. "History of the Trans-Pacific SEP Agreement P4". mfat.govt.nz.
  10. "Trans-Pacific Strategic Economic Partnership Agreement: Understanding the P4 – The original P4 agreement".
  11. "National Statistics". depd.gov.bn.
  12. (4 September 2014). "CIFRAS DE ENVEJECIMIENTO Y MIGRACIÓN MUESTRAN UN CHILE DISTINTO AL DE HACE UN DECENIO". [[National Statistics Institute (Chile).
  13. "Population clock". Statistics New Zealand.
  14. (June 2014). "Population & Land Area (Mid-Year Estimates)". Statistics Singapore.
  15. "TRANS-PACIFIC STRATEGIC ECONOMIC PARTNERSHIP AGREEMENT". mfat.govt.nz.
Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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