On October 5, the 12 Trans-Pacific Partnership (“TPP”) countries announced that they had resolved all remaining issues and reached a final agreement on the long-anticipated regional free-trade agreement. As King & Spalding reported earlier this week, if the United States ultimately passes legislation implementing the TPP, it will create an integrated regional economy accounting for 40 percent of global GDP.
TPP will have a vast impact on trade across many sectors, including important developments in the realms of intellectual property and information technology. Although the full text of the agreement has not yet been released, the United States Trade Representative (“USTR”) has issued a summary of the key components of the agreement.
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