Which 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 percent of global GDP.
- 3. India is a founder member of TPP.
Select the correct answer using the code given below.
[amp_mcq option1=”1, 2 and 3″ option2=”1 and 2 only” option3=”2 and 3 only” option4=”1 only” correct=”option2″]
This question was previously asked in
UPSC CDS-1 – 2017
Statement 1 is incorrect. While negotiations for the Trans-Pacific Partnership (TPP) concluded in October 2015, the agreement was officially signed by the 12 member nations in Auckland, New Zealand, on February 4, 2016. Statement 2 is correct; the TPP member countries together accounted for approximately 40% of global GDP and a significant share of global trade, making it a potentially significant trade bloc. Statement 3 is incorrect; India was not a member or founder member of the TPP. The 12 founding members were Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States.
The Trans-Pacific Partnership (TPP) was a major trade agreement involving countries around the Pacific Rim, but excluded major economies like China and India.