Pacific trade winds
the landmark Trans-Pacific Partnership agreement could reshape the region's project landscape
The Pacific Rim region is getting a makeover -- and project practitioners in countries on both sides of the ocean could soon feel the repercussions. After more than five years of negotiations, trade ministers from 12 Pacific Rim nations, including the United States, Japan and Australia, reached a consensus in October, 2015 on the Trans-Pacific Partnership (TPP) agreement. The landmark -- and controversial -- deal aims to liberalize and boost trade in the region by eliminating nearly all tariffs on goods traded among TPP members and creating environmental and intellectual property standards.