Which one of the following statements about the Trans – Pacific Partnership (TPP) is/are correct? 1. The TPP was signed by 12 Pacific Rim Nations in the year 2015. 2. The TPP is likely to be a game – changer in global trade as member countries account for about 40% of global GDP. 3. India is a founder member of TPP. Select the correct answer using the code given below.

The correct answer is: B. 1 and 2 only

The Trans-Pacific Partnership (TPP) is a trade agreement between 12 Pacific Rim countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and the United States. The TPP was signed in February 2016 and is expected to come into force in 2018.

The TPP is likely to be a game-changer in global trade as member countries account for about 40% of global GDP. The agreement will eliminate tariffs on goods and services traded between member countries, and will also include provisions on intellectual property, investment, and labor.

India is not a member of the TPP. The country was initially invited to join the negotiations, but it withdrew in 2011. India’s decision to withdraw was reportedly due to concerns about the impact of the agreement on its domestic industries.

Option 1 is correct. The TPP was signed by 12 Pacific Rim Nations in the year 2015.

Option 2 is correct. The TPP is likely to be a game – changer in global trade as member countries account for about 40% of global GDP.

Option 3 is incorrect. India is not a founder member of TPP.