It may be a sign of things to come, especially in the Asian region where nations are beginning to feel their economic power and are flexing their muscles. A case in point: the Trans-Pacific Partnership (TPP), an alliance of 11 nations, has moved forward to redefine and finalize trade agreements that will have a serious impact on the globe. What is making this development more impressive is that said international coalition is bonding together despite the absence of a former ally, the United States of America.
According to the backgrounder by The New York Times, the TPP is currently composed of the following countries whose trade and socio-economic influence are considered highly significant in all the locations that they do business with: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Regional economic integration is one of their goals. The two other major ones are the establishment and promotion of open markets between the members and a continuing vigilance and fight against protectionism.
Just recently, in a meeting last November 10 in Danang, Vietnam, all 11 TPP nations agreed on the core elements or principles that would govern future trade movements, agreements, and partnerships. As reported by the Asian Nikkei Review, all the three aforementioned objectives were ensured by these principles that now cover an 8,000-page document.
The member nations also reviewed an earlier agreement, and only 20 items from it were suspended or revised. They will sign the new agreement in February of 2018 and then cascade its concrete implementation on their respective countries through their own unique government infrastructure.
Intellectual property rights were one common factor present in the 20 suspended agreements. The ones that did not make the cut included the period of data protection for new biologics, as well as an extension of the provision that covered copyright. The Sydney Morning Herald further elaborates on how these last two suspensions will affect the related industries operating in the 11 countries.
First, copyright of a work will no longer be extended to 70 years after its author’s demise; the current coverage time is 50 years. Second, the member countries are no longer required to offer eight years of protection to the companies that produce the highly priced biologic drugs; this, in effect, allows the poorer members of their society to look for more cost-effective medical alternatives.
The Sydney Morning Herald continues to note two more significant copyright-related suspensions. Hacking through devices such as DVD players in order to bypass region coding and other technological requirements may no longer be automatically considered illegal. Internet service providers may no longer be automatically sued by copyright owners for permitting users to download copyrighted content and images.
The suspension does not necessarily mean a permanent ban on the provision, though. It can mean a more complex, painful re-entry, however. Should a new U.S. government rejoin the TPP and champion any or all of those provisions, then there is a possibility that the suspension can be lifted. But it would take a lot of debate and discussions among all members before they put the matter to a vote.
Regardless of how these particular matters are resolved, one thing is clear: it does appear that the TPP wants to act in solidarity and with an eye for the welfare of their members. And they do not need the presence of one superpower to push them to come to a mutually beneficial decision.
(Featured image via Deposit Photos)
Smart Green Charge: a community charging station that combines solar and wind power
In France, a startup called Smart Green Charge wants to accelerate the transition to electric vehicles. To do so, it...
Strategic acquisition in the German fintech sector
Lehner Investments has signed an acquisition deal with the FinTech company Catana Capital.11.5 million shares will be issued at the...
The interest rate threshold keeps dropping
Our Nation's debt to GDP ratio has now climbed above 130%. More importantly, that debt has surged to equal 800%...
ESG ETFs were that blockbuster fund in 2020
Equity ETFs saw the largest inflows in 2020, with $67.2 billion (€55.3 billion). After a period of risk aversion and...
Kia Morocco, between rebirth and ambitions
After a good progression in 2020, the importer of Kia continues its basic strategy aimed at restoring the brand's aura...
Crowdfunding6 days ago
Italian real estate crowdfunding doubles funding in 2020
Featured6 days ago
Why were coffee futures higher in both New York and London
Business6 days ago
These stocks will benefit or be hurt by the 5G rollout
Biotech6 days ago
Lyon-based biotech company genOway announces strong revenue growth for 2020