Regional Trade Centers will Evolve to Boost Manufacturing and Logistics

As of 2017, a new agreement was under consideration that would significantly impact global trade. The Trans-Pacific Partnership (TPP) is a free trade agreement under negotiation between 11 countries: Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United States. If agreed upon, the pact could greatly reduce tariffs between member countries (or eliminate them altogether in some cases). The parties to the TPP feel it would add to their individual strengths as manufacturing and trading nations, help them with economic development and aid job creation. However, membership in the TPP will also impose standards and obligations intended to level the playing field among these nations. The Trump administration opted out of the TPP in 2017.

RTAs among nations can be designed to be very complex in order to cover multiple issues. In their simplest form, they cut or eliminate tariffs and other barriers to trade, in order to help manufacturers boost their exports of goods to nations that are members of the agreement. The agreements may also reduce barriers to trade in services, agricultural commodities and other commodities such as timber or minerals.

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