Mar 20 Tuesday 2018 03:43 AM
A new free-trade agreement has been signed between eleven countries of Asia-Pacific region. This agreement was signed on 8th March 2018 in Santiago , Chile. This new deal is the renewed version of Trans-Pacific Partnership and is now called Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Can you go and sell or buy from any market? Of course, you can do that from the markets in your nearby areas and when you buy things from other far off places, sometimes you have to pay a much higher price. It is quite the same with the international markets across borders. Companies need to pay taxes and duties for item sold out of the country or bought from any other country. At many borders, it is not even allowed. But when any countries sign a free-trade agreement, buying and selling of things across their borders is allowed. This deal will affect approximately 500 million people, even though U.S.A. is not a part of this deal. The United States withdrew from this partnership last year only. The supporters of the new deal say that it is going to be very useful for the countries participating in it. The purpose of this deal is to reduce the prices of products in the countries that have signed the deal. The deal also has minimum labour rates and some environmental rules to help reduce pollution. Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam are the countries who have signed this deal.
Free-trade agreements are important to bring down the high prices of products. It will help more common people to get basic amenities and daily need things at lesser prices. And that means their standard of living will get better. We hope in the future, the world leaders could replace the word 'trade' with 'free trade' to make lives of billions of people better.
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