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January 30, 2017
U.S. officially pulls out of Trans-Pacific Partnership Agreement
The Office of the U.S. Trade Representative (USTR) announced that it sent a letter to signatories of the Trans-Pacific Partnership Agreement (TPP) advising them that the United States has formally withdrawn from the agreement.
The letter states that the country does not intend to become a party to the Agreement and that it accordingly has no legal obligation arising from its signature on February 4, 2016.
Negotiations of the TPP concluded at the end of 2015. If it had come into force the TPP would have eliminated or reduced tariff and non-tariff barriers across substantially all trade in goods and services between member countries and would have covered the full spectrum of trade, including goods and services trade and investment.
The agreement involved 12 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam) with a combined market of nearly 800 million people and a gross domestic product (GDP) of $28.5 trillion in 2015 numbers.
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