Twelve countries from the Pacific, including Chile, Mexico and Peru, sealed a pact in order to create the biggest free trade agreement of the world.
The Trans-Pacific Partnership (TPP) gathered the 40% of the worldwide economy and it was confirmed in Tokyo by the Japanese Prime Minister Shinzo Abe.
According to el País information, “the goal of the wide-reaching treaty is to phase out tariffs and establish common rules for the 12 economies involved, whose main members are the US and Japan. The agreement envisions the creation of common standards for trade, investment, information exchange and intellectual property”.
The countries involved in the negotiations are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States and Vietnam.
The Chilean ambassador in United States, Juan Gabriel Valdés, qualified as “good news” the arrangement. According with his statements on “Mesa Central” of T13, he explained that the agreement represent an improvement of the currents treaties between the countries subscribed to the TPP and without a doubt its going to be advisable for Chile. “A small and opened economy, with low duties, must to expand itself to markets and new niches from more development countries”, he stated.
In addition he assured that “It´s one more step for Chile to position itself on the frame of the economy internationalization, and he also outlined the Chilean achievements on the TPP negotiation, like to not patent surgical practices and to maintain the protection of biological medicines for 5 years.