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  • At this grocery store, you can get produce from all over the world like

  • this kiwi fruit from New Zealand

  • dragonfruit from Vietnam

  • and this avocado from Mexico.

  • Soon all these fruits will get cheaper, but only for consumers in 11 countries.

  • That's because of the world's biggest trade deal since NAFTA.

  • The TPP 11, or the CPTPP, is the world's newest trade deal.

  • It was signed by 11 countries on March 8.

  • CPTPP stands for:

  • It's a mouthful, but it sounds familiar, doesn't it?

  • This trade deal was previously known as the Trans-Pacific Partnership and included the U.S.

  • The TPP deal had been signed in 2016, but American President Donald Trump

  • withdrew the U.S. on his third day in the job.

  • Great thing for the American worker.

  • Many experts thought that meant the end of the TPP.

  • Without the U.S., the TPP 11's share of global GDP went from 38% to about 13.5%.

  • But the 11 countries, led by Japan, surprised experts and pushed through the deal.

  • It's now the world's third biggest trade bloc by GDP.

  • Many people are excited about the CPTPP because it's seen as a high-quality trade deal.

  • That's because the CPTPP involves deep, fast tariff cuts - and a lot of them.

  • It also includes many areas not typically covered in trade agreements.

  • I think you'll be pleased to know that avocados are part of the deal.

  • At the moment, countries like Japan, Mexico, Malaysia and Vietnam have avocado tariffs.

  • But with the TPP, avocado tariffs will fall in most countries, and for Vietnam

  • the slowest to implement cuts, it will fall to 0% in four years.

  • Avocados from TPP countries will likely be cheaper than those from non-TPP countries.

  • So, it seems like consumers are the biggest winners in this trade deal.

  • Are there other winners and losers?

  • All the TPP countries are expecting significant economic benefits.

  • New Zealand estimated a boost of between $880 million and $2.9 billion

  • while Canada will get a boost of $3.2 billion.

  • But Japan is a clear winner.

  • Other than economic benefits, it sees the CPTPP as a geopolitical strategy to counter

  • another trade pact in negotiations, the Regional Comprehensive Economic Partnership.

  • The RCEP is seen as a deal backed by China, and makes up nearly half of the global population.

  • Farmers and food exporting countries like Mexico, Australia and New Zealand are also

  • seen as big winners as agricultural produce is usually left out of trade deals.

  • Service sectors aren't typically included either, but the TPP 11 does include them.

  • This means more firms, such as accounting, design and tourism services

  • benefit from market access across 11 countries.

  • However, there are many who see themselves as possible losers of the TPP 11.

  • For instance, the jury is still out in Canada about the benefits for companies there.

  • While it will enjoy access to new markets like Japan, some industries such as dairy

  • and automobile think that the concessions outweigh the benefits.

  • Workers in developed economies are likely to be fearful that firms will move production

  • to lower-wage countries. However, the TPP 11 has rules on labor rights, meaning less developed

  • countries will have to abide by international standards, including the minimum wage.

  • But how countries will implement this is still up in the air.

  • And some economists say it's the United States that is losing out.

  • According to one think tank, the CPTPP would have raised U.S. wages, grown exports by 9.1%

  • and increased U.S. real incomes by $131 billion a year to 2030.

  • Delaying the launch of TPP was projected in 2016 to be a $77 billion loss to the U.S. economy.

  • But Nobel Prize-winning economist Joseph Stiglitz echoed the sentiments of many Americans

  • warning that the original TPP 12 helps only big corporations.

  • But even Donald Trump is becoming more open to the party he declined to join.

  • If we did a substantially better deal, I would be open to TPP.

  • The CPTPP is likely to come into force by the end of this year.

  • It's a strong signal to the U.S. that despite growing calls for protectionism,

  • 11 countries and many more are looking to throw in their lot with free trade.

  • Hi. Thanks for watching.

  • If you want to see more CNBC Explains, click on the videos here and here.

  • Don't forget to subscribe, and see you next time.

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TPP11とは何か?| CNBCが解説します (What is the TPP 11? | CNBC Explains)

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    PENG に公開 2021 年 01 月 14 日
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