Trans-Pacific Partnership

In: Business and Management

Submitted By nishita1288
Words 1033
Pages 5
Trans-Pacific Partnership

The Trans-Pacific Partnership (TPP) is a commercial agreement pursued by the Obama Administration that rivals the WTO in scale. It would link Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, and the United States into a free-trade zone similar to that of NAFTA. Proponents of this partnership, which includes 600 corporations, declare that it will (1) support the creation and retention of jobs in the aforementioned countries; (2) boost competitiveness, thereby benefitting consumers in these regions and promoting economic growth therein, and; (3) increase the standard of living and reduce poverty in the countries[1].

The TPP is the first agreement negotiated from the ground up by the Obama Administration and represents an ambitious, next-generation, Asia-Pacific partnership. Through this agreement the Administration is seeking to boost the U.S. economy, by increasing exports to a region that includes some of the world’s most robust economies. The large and growing markets in Asia-Pacific are already key destinations for U.S. manufactured goods, agricultural products, and services suppliers. The TPP aims to further deepen this trade and investment relationship. The Obama Administration, in collaboration with Congress and a wide range of stakeholders, is negotiating to conclude this progressive agreement that aims to address the issues that U.S. businesses and workers are facing in the 21st century. Trade Ministers have identified five defining features that will make TPP a landmark trade agreement[2]. These are:

• Comprehensive market access: to eliminate tariffs and other barriers to goods and services trade and investment;
• Fully regional agreement: to facilitate the development of production and supply chains among TPP members;
• Cross-cutting trade issues: to build on work being…...

Similar Documents

Partnership Act

...TOPIC |SECTION, EXPLANATION |CASES | | |PARTNERSHIP |3 element of partnership (s.1) (s.2 (1)): | | | |1. Carrying on business (call ‘continuity’ test) |- Smith v Anderson (1880) | | | |Expression carrying on business implies a repetition of acts and excludes the case of an | | | |association formed for doing one act which is never to be repeated. | | | |- United Dominions Corp Ltd v Brian Pty Ltd | | | |Partnership Act itself provides for partnership for single undertaking (s.32b) in relation to| | | |definition of partnership...

Words: 1194 - Pages: 5

Partnership

...CHAPTER 15 Accounting for Partnerships CHAPTER OUTLINE Partnership Accounting Partners’ Accounts Ownership Changes Partnership Liquidation Instalment Liquidation Plan of Cash Distribution to Partners Summary Review and Multiple Choice Questions, Case, and Problems LEARNING OBJECTIVES After studying this chapter, you should be able to do the following: • Describe the advantages and disadvantages of the partnership form of organization. • Explain where the major differences lie in the accounting for corporations and partnerships. • Apply the three accounting methods available to record the admission of a new partner, and evaluate the strengths and weaknesses of each method. • Apply the accounting methods for the recording of the retirement of a partner. • Prepare the journal entries to record the liquidation of a partnership when a cash payment to partners is made only after the sale of all of the partnership assets. • Prepare a schedule of the liquidation of a partnership where instalment payments to partners are made as cash becomes available. • Prepare a cash distribution plan prior to the commencement of the partnership liquidation. 1 2 CHAPTER 15 ACCOUNTING FOR PARTNERSHIPS This chapter will examine the accounting practices involved in the partnership form of business organization. The major differences between corporations and partnerships appear in the equity section of the balance sheet. The accounting principles involved have been in use for...

Words: 12196 - Pages: 49

Trans-Pacific Partnership

...Trans-Pacific Partnership The Trans-Pacific Partnership (TPP) is a commercial agreement pursued by the Obama Administration that rivals the WTO in scale. It would link Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, and the United States into a free-trade zone similar to that of NAFTA. Proponents of this partnership, which includes 600 corporations, declare that it will (1) support the creation and retention of jobs in the aforementioned countries; (2) boost competitiveness, thereby benefitting consumers in these regions and promoting economic growth therein, and; (3) increase the standard of living and reduce poverty in the countries[1]. The TPP is the first agreement negotiated from the ground up by the Obama Administration and represents an ambitious, next-generation, Asia-Pacific partnership. Through this agreement the Administration is seeking to boost the U.S. economy, by increasing exports to a region that includes some of the world’s most robust economies. The large and growing markets in Asia-Pacific are already key destinations for U.S. manufactured goods, agricultural products, and services suppliers. The TPP aims to further deepen this trade and investment relationship. The Obama Administration, in collaboration with Congress and a wide range of stakeholders, is negotiating to conclude this progressive agreement that aims to address the issues that U.S. businesses and workers are facing in the 21st century. Trade...

Words: 1033 - Pages: 5

Partnership

...DEFINITION In a contract of partnership, two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profit among themselves. Two or more persons may form a partnership for the exercise of a profession civil Code of the Philippines, article 1767). An association of two or more persons to carry on, as co-owners, a business for profit (Uniform Partnership Act, section 6). Partnerships resemble sole proprietorships, except that there are two or more owners of the business. Each owner is called a partner. Partnerships are often formed to bring together various talents and knowledge or to bring needed capital into a business. Partnerships are generally associated with the practice of law, public accounting, medicine and other professions. Partnerships of this nature are called general professional partnerships. On the other hand, service industries, retail trade, wholesale and manufacturing enterprises may also be organized as partnerships. CHARACTERISTICS OF PARTNERSHIPS The characteristics of partnerships are different from the sole proprietorships already studied in basic accounting. Some of the more important characteristics are as follows: Mutual Contribution.There cannot be a partnership without contribution of money. Property or industry (i.e. work or services which may either be personal manual efforts or intellectual) to a common fund. Division of Profits and...

Words: 1407 - Pages: 6

The Trans-Pacific Partnership

...The Trans-Pacific Partnership Agreement and the U.S. economy Executive Summary -The Trans-Pacific Partnership Agreement is a free trade agreement initiated in 2005 and was joined by the U.S. in 2008 which proposes to liberalize trade in the Asia-Pacific region. -Negotiations are ongoing and held in secret. While the FTA’s existence and meetings are public knowledge, most of the information is classified and kept from U.S. government officials. However, several documents have been leaked to the public through various sources. -There is much clamor and concern over the Intellectual Property proposals put forth by the U.S. These proposals threaten to dial back public health safeguards set forth in the 2007 New Trade Deal of the Bush administration, increase prices of consumer goods, and restrict access to information on the internet. -There are 12 countries involved in negotiations, with China as an observer and considering entry. Overall, these countries make up about 40% of the world GDP and offer access to huge markets for the U.S. Nonetheless, the threat of losing jobs overseas, as with most FTAs, is cause for concern. -Past FTAs have resulted in an increase in U.S. trade deficit and a loss of jobs. However, analysis shows that American firms can benefit from these agreements as well with increased exports to new markets. Brief History The Trans-Pacific Strategic Economic Partnership Agreement is a free trade agreement with the goal of liberalizing the...

Words: 3183 - Pages: 13

Partnership

...Group Project 2 (Partnership) A partnership is a business owned and operated by two or more persons. Usually a partnership shares the responsibilities for managing the business. Advantages to organizing as a partner include: each partner has the right to share in the profits of the business and each partner has a right to share in the value of the firm’s assets. Disadvantages of organizing a partnership include: each partner has unlimited liability for all legal obligations and debts of the business and partners have joint and several liability. A person who represents another is an agent. The manager would act as the Agent within this agreement. The party that the agent represents is the principal, which are the business owners. Agencies can be created by agreement ratification, necessity, or operation of law. The agent has certain duties to the principal and the principal has duties to the agent. In most situations the principal will be liable for the contracts arranged by agent and the behavior of the agent while conducting the principals business. In our business we would be concerned with the manager placing orders with our purveyors and the way he/she represents themselves with the customers and our business partners. The main difference between principal and agent and of employer-employee relationships is an employer's power to control the activities of a non-agent employee. Whereas an agency agreement brings about a relationship between a principal and a...

Words: 877 - Pages: 4

Partnership

...General Partnership Agreement of a Business Owned by Individuals ARTICLES OF PARTNERSHIP OF ^ABCD ASSOCIATES ARTICLES OF PARTNERSHIP of ^, ^, ^, and ^, dated ^, 19^. RECITAL The parties hereto wish: (a) to enter together into the business of purchasing, acquiring, operating, leasing, owning and selling real property, including but not limited to that certain parcel of land described on Exhibit A hereto and all improvements constructed thereon and (b) in order to provide for and carry out the foregoing, to form and do business as a general partnership under and pursuant to Illinois law. NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, the parties agree as follows: Definitions As used in this Agreement the terms listed below will have the meanings stated below, and other terms defined elsewhere will have the meanings there ascribed to them: "Agreement" or "this Agreement": these Articles of Partnership. "Bankruptcy": with respect to any Person, shall mean that such Person shall have become insolvent or generally failed to pay, or admitted in writing his or its inability to pay, debts as they become due; or shall have applied for, consented to, or acquiesced in the appointment of, a trustee, receiver or other custodian for such Person or any property of such Person, or such Person makes a general assignment for the benefit of creditors; or, in the absence of such application...

Words: 5897 - Pages: 24

Partnership

...PARTNER ASSESSMENT FORM | | | | | | |A ‘prompter’ enabling those creating a partnership to ask systematic questions of any potential partner to ensure a good fit with the goals / needs of the | |partnership. This tool should be used as a starting point for exploring a potential relationship by providing a basis for frank discussions with the key players| |involved at both senior and operational levels. It is designed to raise appropriate questions - not to provide definitive ‘screening’. | | | | | |DOES THE...

Words: 3042 - Pages: 13

Partnership

...Camisha Booker CA-156: Computerized Accounting 11 Partnership vs Sole Proprietorship March 11, 2014 Thinking about starting your own business? Do you prefer to work alone? Or do you prefer to work with a partner? If you choose to work with a partner then the best business structure for you would be the partnership structure. First you must ask yourself; do we have the same vision or objectives on how to run the business? Are we able to communicate well with each other? Most important question of all, do you trust this individual? If two of these three questions is no then maybe the partnership structure isn’t for you and you should set the business up as a sole proprietorship. The partnership business structure allows two or more people start up a business as co-workers with no special formalities (Partnership: Pros and Cons, 2014), but with this structure you do not have total control over the business. Decisions are shared among the partners. Unlike the sole proprietorship structure you make all the decisions by yourself (Schaefer, 2006). No complex paperwork is required when setting up a business under the partnership structure. This structure is less expensive and more affordable because the startup cost is divided evenly among the partners (Partnership: Pros and Cons, 2014). As opposed to the sole proprietorship structure the startup cost is more expensive due to the fact that there is only one owner and no one else to split the cost with. When a business...

Words: 702 - Pages: 3

Pacific

...“Tino, va’ai faalelei tamaiti ae o’u alu e faigaluega.” These are simple instructions Tino hears from his parents before they leave for work, every day. The short film ‘O Tamaiti’ by Sima Urale portrays a typical Samoan family who have recently moved to New Zealand, the struggles that they face and the parents’ reliance on their eldest son to take care of his siblings on their behalf. I really enjoyed watching this short film because it captured and explained a lot of the issues the Pacific Youth are facing today in society. Watching this film allowed me to see a lot of similarities in what we are learning in this course. Respect is of the essence within many Pacific Island cultures. In this film we see this through the character of Tino. Tino’s facial expressions often show how he is afraid of his parents and that he has no choice but to obey. As Pacific people we can relate to Tino and his siblings as our parents constantly remind us of the importance of respect. Thus, we become cautious of the words we use when speaking to our elders and tend to be less open because of the ‘le va’ aspect of our culture. In order to break the silence of our young Pacific many strategies have been put into place to break them out of this norm by nurturing and empowering our youth instead of putting them down (Mason 2011). The use of black and white in the film portrays how the reality for Pacific youth is different from how they are portrayed by the media as being vibrant and...

Words: 657 - Pages: 3

Partnership

...Partnership working is when different services and professionals work together with other teams of people to meet the needs of children, young people and their families. It brings together professionals to contribute their own specialist knowledge and skills. This way holistic approach to childcare is achieved as featured in Every Child Matters Framework. Below are some benefits of effective partnership:  Gives children and young people the best possible start by early identification of needs.  Ensures that everyone working together communicates about the child.  Support children, young people and their families with additional needs.  Prevent problems occurring in the first place by early intervention before harm is done.  Helps secure improved outcomes by getting the necessary information to assess and deliver support.  Opportunities for shared learning. Each professional will learn from each other’s skills and knowledge shared. Looking back at Baby P’s case, if only the professionals involved worked together and had treated the case with urgency and thoroughness, abuse was stopped in the first injury and prevented his death. According to reports, his death was also down to the incompetence of almost every member of staff who came into contact with him. Peter's GP should have raised concerns when he found bruises on the child's head and chest after apparently falling down stairs. Social workers did not think that Peter was being harmed or was at risk. It...

Words: 2169 - Pages: 9

Tran Hong Nhung

...| |[pic] | FS3032 – Capital Markets MODULE HANDBOOK 2014/15 - Semester 1 Module Lecturer: Dr Phan Tran Trung Dzung Faculty of Banking and Finance / FTU fandzung@ftu.edu.vn This module is supported by Weblearn – students are advised to access the site on a regular basis, at least once a week FS3032 Capital Markets |Teaching Location |A1101 | |Teaching Semester |1 | |Module Level |H | |Home Academic Department |LMBS | |Module Leader |Dr Phan Tran Trung Dzung | |Module Web Site |FS3032C | |Teaching Mode |Day | |Module Title |Capital Markets | |Timeslot | | |Credit Rating For Module |15...

Words: 4773 - Pages: 20

Partnership

...Fair Shares what the outgoing Partner can expect 03 July 2006 Problems are posed where, after dissolution, a partnership business is continued by one partner. Such problems are longstanding. Frequently a husband and wife have run a business as partners (often without a Deed of Partnership). Following the breakdown of their marriage, one of them leaves whilst the other continues the business. This frequently raises the issue as to liability for the income earned from the business which is continued by the remaining spouse. As a matter of elementary fairness, it seems unjust that the partner continuing the business should benefit both from having the facility of the business and the income it can produce. Section 42 Partnership Act 1890 seeks to facilitate justice entitling the partner who has ceased operating the business, to "such share of the profits... as the court may find to be attributable to the use of his share of the assets of the partnership...". The problem always is how that share of the assets is to be assessed. The recent Court of Appeal decision in Sandhu -v- Gill [2006] 2 WLR 8 provides useful guidance. In that case, Messrs Sandhu and Gill ("S" and "G") agreed to open the business as a residential home for the elderly. To that end a property was purchased for £171,000. The partnership deed entered into provided that both partners should contribute half of the purchase price of the property each (£85,000). It was specifically laid down that whilst G had paid...

Words: 1014 - Pages: 5

Partnership Working

...Partnership working Introduction This assignment is going to explore inter agency and partnership working between RECOVERY and Cherre Residential Care focusing on the way they work in the community. RECOVERY is a registered charity for mental health and wellbeing. RECOVERY was set up by survivors of mental health in 2004 . They campaign against compulsion, People being forced on to drugs and instead they help people individually. RECOVERY's mission is to spread the word that people can recover from Mental Health problems and to encourage capacity. RECOVERY is a user led service so many volunteers are survivors that have recovered from Mental Health problems. RECOVERY also campaigns against compulsion. They believe they are a lot of therapies that can help person with mental health problems such as art, jewellery making, creative writing, poetry, music and coping skills without forcing patients on medication instead they have a right of choice RECOVERY encourage people to talk about their experiences with mental health, we teach centering therapy and creative therapy, we blog, we learn and we try to remove the stigma. We go into the community and hospitals to act as advocates for and support people suffering from wellbeing issues. . RICAPP project reaches out into the community. It provides social inclusion and support with trained RECOVERY Support Workers for those in need. RICAPP’s (RECOVERY Independent Community Advocacy Personalisation Project) aim is to empower...

Words: 2057 - Pages: 9

Trans Pacific Partnership Agreement

...ABSTRACT Trans- Pacific Partnership Agreement (TPPA) is now sound familiar to Malaysia, this is because that countries is one out of the twelve countries that involve in that agreement. The goals of the Trans-Pacific Partnership (TPP), a much-delayed but significant trade agreement between 12 countries in Asia-Pacific and the Americas pushed by the US are increasingly becoming clearer after ongoing talks reveal some of the intentions Washington is pursuing with this pact. The highlighted of the agreement is to increase in import growth is projected to outpace increase in export growth, as the reductions in import tariffs and non-tariff measures (NTM) are larger for Malaysia relative to the other TPPA countries. According to The New York Times, economists are sharply split over the positive and negative effects of TPP, and both "opponents and supporters of the trade accord have quickly seized upon whichever analysis buttressed their own views. ECIPE has said in 2014 that TPP "will be the first ‘competing’ economic integration that is large enough to have a considerable negative impact on Europe. In the long-term, the negative effects will come from dynamic impact, e.g. on investment, productivity and competitiveness". Pascal Lamy called the TPP ‘the last of big old-style trade agreements’. It has said to be a negative impact on the oil and gas sector whose share of GDP is 12 per cent. PETRONAS stands to benefit very little from TPPA as 74 per cent of its exports are to...

Words: 7586 - Pages: 31