Why the Trans Pacific Partnership matters
The TPP would be a major boost for global middle market businesses
THE REAL ECONOMY |
The past few years have seen a quiet but important innovation in free trade agreements. For the first time in the multilateral era since the end of World War II, the interests of global middle market firms have been taken into account. This is evidenced by the priority of middle market firms in the construction, implementation and oversight of free trade agreements.
MIDDLE MARKET INSIGHT: The TPP strongly favors global middle market firms through a simplification of customs and the promotion of electronic commerce in economies large and small alike.
The Trans-Pacific Partnership (TPP) builds upon an innovation embedded earlier in the decade in the successful U.S.-Korean free trade agreement in that it is designed to construct space for small and medium-sized enterprises (SMEs) to more robustly participate in a trade agreement between 12 countries responsible for 37 percent, or $2.74 trillion, in global trade.