Flashcards in ✅Case Study - TPP, TTIP, G7 & G20 Deck (24)
What does TPP stand for?
Trans Pacific Partnership
What is TPP?
A free trade agreement between 12 countries including USA, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam
What does TPP aim to do?
Deepen economic ties between the nations, slash tariffs and boost growth by fostering trade
How was the TPP agreement designed?
So it could eventually form a single market like the EU
What is TTIP?
Transatlantic Trade and Investment Partnership
How did Trump's election affect TPP?
Due to his protectionist views, he stopped US participation in the deal, a major requirement
Why had TPP been criticised?
For its lack in transparency of negotiations
What topics did TPP negotiate on?
Investment, patents and copyrights, financial regulation and labour/environmental standards
Why did Obama favour TPP?
It would increase the US influence in the Asia Pacific region where China is a growing influence
Why were people against TPP?
It was seen as a secretive deal which favoured big businesses and other countries at the expense of US jobs and national sovereignty
What would be the combined population of TPP countries?
What percentage of world trade would TPP be responsible for?
How did the US pulling out affect TPP?
The agreement could not be ratified as conditions were not met, and the agreement cannot carry on without the US and its 250 million population
What is the aim of TTIP?
To cut tariffs and regulatory barriers for big business including food safety law, environmental legislation, banking regulations etc, between the US and EU
What type of agreement is TTIP?
Bilateral trade agreement
Which NGOs are against TTIP and why?
Friends of the Earth, because it will give more power to large TNCs, above that of governments
What do opponents of TTIP believe?
That it will undermine democracy and social provision in both regions and it will threaten public services like the NHS
What is Investor State Dispute Settlement within TTIP?
Gives large corporations the ability to sue EU governments and their taxpayers if their profits are affected by changes to government policy
How would TTIP threaten the NHS?
TTIP makes NGOs and TNCs more powerful, while governments lose power, so if public services became privatised due to lack of power and funding, the NHS would decline and TNCs would become richer than goverments
Who sets the G7 guidelines?
What are the conditions set to be in the G7?
High net national wealth and high HDI
Which countries are part of the G7?
Canada, France, Germany, Italy, Japan, UK and US
Why was the G20 established?
To give a voice to major developing economies in 1999 who felt the WTO was not fully serving their interests