On 5th October, the twelve Pacific Rim countries reached a comprehensive free trade agreement after many years of negotiations. The countries included are the United States, Vietnam, Chile, New Zealand, Singapore, Australia, Canada, Japan, Malaysia, Mexico, Peru, Brunei.

Trade barriers and more than 18,000 tariffs will be reduced to 0%. The more important areas are the minimum standards for intellectual property rights, workers- and the environment standards and legislations. All parties will be obliged to comply with ILO fundamental principles of workers’ rights, for example. Similarly, countries that do not meet environmental regulations can be pursued through the same dispute-settlement mechanism that will be used for commercial law.
The Trans Pacific Partnership agreement will naturally have a positive effect on European and Swedish companies as well, especially as regards intellectual property, labor and environmental laws and compliance. Are you interested in doing business with the countries of Southeast Asia or want further information please feel free to contact us.

For more detailed information, please read the following:

The Guardian – TPP deal: US and 11 other countries reach landmark Pacific trade pact

The Economist – Twelve countries reach an agreement on trans-Pacific trade

The Financial Times – Vietnam looks for reform and investment boost from TPP de

The Financial Times – US, Japan and 10 countries strike Pacific trade deal

The Financial Times – TPP trade deal reinforces ties between US and Asia