Fiesta de La Tirana, Pampa del Tamarugal, Chile
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Trans-Pacific Free Trade Agreements

The Trans-Pacific Strategic Economic Partnership comprising four countries (P4) - Brunei, Chile, New Zealand and Singapore - is signed in 2005. This is the first free trade agreement linking Asia, the Pacific and the Americas.

The Trans-Pacific Partnership Agreement (TPP) is a free trade agreement that would liberalize trade and investment between 12 countries between 12 Pacific-rim countries, representing approximately 40% of world economic production. The countries are New Zealand, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, the United States and Viet Nam. The TPP Agreement was signed in February 2016, but the 12 nations needed to ratify it, before it could enter into force. In light of the US withdrawal, ministers from the remaining 11 members affirmed the economic and strategic importance of the TPP, giving rise to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in 2018.

It is the third largest economic pact in the world. The CPTPP was concluded on 23 January in Tokyo, Japan and signed on 8 March in Santiago, Chile, being ratified four months after. The TPP-11 is the largest trade pact in the Asia-Pacific region signed by 11 countries: Chile, Australia, Brunei, Canada, Mexico, Japan, Malaysia, New Zealand, Peru, Singapore and Vietnam.

Its objective is to contribute to economic growth and create new opportunities for companies, workers, farmers and consumers. It is called progressive because it goes beyond reducing costs for businesses: It includes commitments to safeguard high labour and environmental standards across the Asia-Pacific region. This pact brings together 502 million people, which represent the 13% of the world's economic activity.