Last Thursday, the 11 countries participating in the as-formerly-known-as Trans-Pacific Partnership signed the Asia Pacific trade pact without the United States.
The revised agreement known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) aims to reduce tariffs between member countries. One main item left out of the CPTPP (but included in negotiations of the TPP) are the lack of intellectual property protection of pharmaceuticals favored by the United States.
According to the Peterson Institute for International Economics, the CPTPP will generate $147 billion in income, versus an estimated $492 billion in global income benefits under the original TPP.
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