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The Economic Effects of the Trans-Pacific Partnership
Report

The Economic Effects of the Trans-Pacific Partnership

New Estimates

Peter A. Petri and Michael G. Plummer
Peterson Institute for International Economics, 2016
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Editorial Rating

8

Qualities

  • Innovative

Recommendation

The Trans-Pacific Partnership (TPP) promises to become a vital tool in facilitating and promoting global trade. Finalized in late 2015, the free trade agreement among the United States and 11 Pacific Rim nations sets new rules in international commerce that would lower trade barriers among participants. Yet its detractors bemoan potential job losses and greater corporate advantages. This updated cost-benefit analysis from economists Peter A. Petri and Michael G. Plummer quantifies the TPP’s long-range impacts on national incomes and employment, particularly for the United States. While always neutral, getAbstract recommends the authors’ research-based findings to economists, policy makers and others involved in crafting trade strategies.

Take-Aways

  • The Trans-Pacific Partnership (TPP) – a free trade agreement among 12 Pacific Rim nations – could increase worldwide annual income by $492 billion by 2030.
  • The partnership would expand existing World Trade Organization agreements, reinforce intellectual property rights and standardize overlapping trade pacts.
  • The TPP breaks new ground relevant to the digital age, including setting new norms for telecommunications, banning tariffs on e-commerce and facilitating cross-border data transactions. It also enables trade for small and medium-sized businesses.

About the Authors

Peter A. Petri is an international finance professor at Brandeis. Michael G. Plummer is director of SAIS Europe and a professor of international economics at Johns Hopkins University.

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