Integrative International Business Practice †Free Samples

Question: Discuss about the Integrative International Business Practice. Answer: Introduction: The present study sheds light on different aspects of the Trans-Pacific Partnership Agreements (TPP), the landmark 21st century contract that has instituted new standards for the world trade while addressing different next-generation issues. The 12 participating Trans-Pacific Partnership nations include the Australia, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, Peru, United States, Vietnam announced the conclusions of the negotiations that describes the key features, scope, regional trade regulations. The aim of the agreement includes promoting growth, creation, retention of the employment, enhancement of the innovation, trade efficacy, competitiveness, and betterment of living standards, reduction of poverty, proper governance, labor development and environmental protection. The significant features of the contract are establishment of the world trade by ensuring comprehensive market access, adoption of the regional approach to commitments, management of the new trade challenges and inclusion of trade and creation of new platform for regional assimilation. The TPP covers trade over and above trade-associated issues through trade facilitation, sanitary along with phytosanitary methods. This contract deals with different technical barriers present in trade, issues with trade solutions, ventures; services; overseas sell of electronic along with other challenges associated to the government procurement. Moreover, the present agreement deals with the issues with the intellectual property and environment that can ensure that TPP can meet the potential for development, maintenance of competitiveness, settlement of dispute, inclusiveness, and different institutional provisions together with different exceptions. The current study presents the key features of the Trans-Pacific Partnership Agreement (TPP) and the global consideration of justice, integrity and sustainability. The academic literature available on the particular agreement expounds in detail the significance of the agreement on trade, implications of the agreement along with the influence of the contract on the foreign investment. Thereafter, the literature review section of the study illustratively elucidates the associations of the TPP with other trade and provincial agreements. The study illustratively explains the influence of the agreement on different sensitive industries that include the agriculture, intellectual property and services. Subsequently, the current segment explains in detail the global considerations as regards the fairness, integrity and sustainability aspects of the agreements. Adding to this, the current study presents the critical analysis of different nations that include the Canada, Australia, Japan, New Zealand and USA. The assessment of the said participating nations includes examination of different historical facts and the assessment of different notions of justice, sustainability along with the economic developments of the nation with the Trans-Pacific Partnership Agreement. Consequently, the present study discusses the diverse implications of the TPP on the entire international business to gain a comprehensive understanding regarding the effects of the landmark agreement on international trade, with special orientation to the maintenance of the justice, fairness as sustainability. Literature Review Importance on trade As put forward by Aggarwal and Urata (2013), the Trans-Pacific Partnership Agreement can be regarded as a high standard, comprehensive and at the same time balanced contract that can promote economic growth, enhancement of innovation, efficiency with competitiveness by means of its high benchmark for trade and investment in the region of Asia-Pacific. This can be considered to be an important step towards open trade and regional assimilation across different regions. The Trans-Pacific Agreement that can be considered to be the landmark 21st century agreement has established a new standard for the worldwide trade has certain important features (Barfield 2011). The significant features of the Trans-pacific agreement that enhances foreign trade include the comprehensive access to market, different regional approach to commitments, concentration on diverse new trade obstacles, emphasis on inclusive trade and regional assimilation (Camroux 2012). The Trans-Pacific Partnership Agreement facilitates trade by enabling comprehensive access to market. As indicated by Capling and Ravenhill (2011) the Trans-Pacific Trade Agreement helps in elimination or else reduction of tariff as well as non-tariff barriers across considerably different trade in goods and services. The agreement covers thereby covers the entire spectrum of trade and outlay in different goods and varied services with the aim and intention to generate new opportunities and advantages for diverse businesses, labors and at the same time consumers (Cheong and Tongzon 2013). The Trans-pacific partnership agreement facilitates trade by adoption of the regional approach to different obligations. TPP assists in the process of development of production and worldwide supply chains along with seamless trade that in turn can augment the overall efficacy and support the objective of creation of new employment opportunities (Cheong 2013). Therefore, the Trans-pacific partnership agreement helps in raising the standard of living, enhances different conservation efforts and assists in integration of cross-border trade and facilitates the process of opening up different domestic markets. The Trans-Pacific partnership Agreement exerts immense influence on trade by addressing different obstacles of trade (Dent 2006). The Trans-pacific agreement deals with different trade challenges by promoting different innovative approach towards trade that concentrates on enhancement of competitiveness, productivity and effectiveness including the process of development of diverse digital economy along with the role of different state-owned enterprises in the world economy. Elms and Lim (2012) mentions that the trans-pacific partnership agreement helps in promoting inclusive trade (Dhar 2015.). Therefore, it can be hereby ascertained that the trans-pacific partnership agreement influences the trade by way of inclusion of the different new elements that in turn seeks to make it certain that economies at diverse levels of development and at the same time businesses of different sizes can gain advantage from trade. The contract includes different commitments to aid small as well as medium sized business concerns in comprehending the agreement, gain advantage of the available business opportunities and bring their distinctive challenges to the attention of different TPP governments (Elms and Lim 2012). This agreement comprises of particular commitments for the development and improvement of capacity of trade. As such, the Trans-pacific partnership helps in making it certain that different parties involved in the contract are able to meet up different requir ements of the commitments stated in the contract and gain full advantage of all the benefits (Elms 2013). Adding to this, the TPP exerts immense influence on trade by development of a common platform for regional assimilation. As suggested by Fazzone (2011) the TPP is essentially intended as a platform for overall regional integration and is properly designed to include different additional economies throughout the entire Asia pacific region. Effect on foreign investment As indicated by Fergusson (2010), the provisions of the Trans-Pacific partnership Agreement goes well beyond different standards established by the WTO (World Trade Organization) that includes specific measures that can ensure across the board regional treatment for different foreign investors both in the pre as well as post establishment. The TPP includes the provision for reduction of different restrictions that can discriminate against regional services. As mentioned by Fergusson (2010), The TPP enhances the export opportunities by enabling the overall process of competition on a level playing field in the entire Asia-Pacific region. Furthermore, the TPP helps in mutual recognition of different professionals that concludes engineers and lawyers among many others and implements best practice directives and regulations for different foreign lawyers. Therefore, the scope of the Trans-Pacific Agreement helps in attracting different foreign investments (Fergusson et al. 2013). The norm al decline in the worldwide tariff and owing to proliferation of different free trade contracts among different nations of the TPP has reduced the mean intra-TPP tariffs to 2.7% registered during 2014 from the level of 5.6% recorded during the year 1996. The reduction in tariffs helps in attracting foreign investments in the nations and thereby helps in foreign value additions (Fergusson et al. 2015). The promotion of the market access by means of reduction of the tariffs and other restrictions, the particular agreement seeks to ensure the development of the supply chain assimilation. The TPP facilitates the process of enhancement of the supply chains that too can raise the share of the foreign value addition. This sequentially can ensure generation of the interdependencies that in turn can accelerate the overall transmission of the different economic shocks (Flynn et al. 2013). Relations to other trade and regional agreements The process of rule making in the entire trading procedure of the world has transferred from global to different bilateral, regional and industry contracts. As suggested by Fooks and Gilmore (2013), the Uruguay Round of the specific multilateral trade negotiation, culminated in the process of institutions of the World Trade generated comprehensive contracts to reduce tariffs on diverse manufactured products during the year 1994. The purview is extended into different areas that include the agriculture, trade in diverse services along with intellectual property. Nevertheless, the complicated trade policy issues counting different regulatory impediments. Modern trade services and diverse cross border investments (stipulated under the General Agreement on Trade in Services- GATS) in conjunction with the knowledge economy features covered under the Trade related aspects of the Intellectual Property Rights Agreement (TRIPS) can be regarded as a challenges that are difficult to address at a multilateral echelon (Friel et al. 2013). Besides this, the notion of the deep and all-inclusive FTAs took hold. The FTAs offer expanded access to market even for certain products that earlier aroused domestic understanding and responsiveness. As indicated by Gordon (2012), the Trans-Pacific Partnership Agreement (TPP) goes well beyond the standards of the World Trade Organization and includes different types of special measures. The special measures of the TPP includes the negative list approach with the intention and purpose of liberalization of trade in services, advanced and new regulations for the digital commerce, diverse across the border national treatments for different foreign investors including both pre as well as post establishment. The special measures of the TPP that goes beyond the WHO comprise of different streamlined rules and regulations by means of standardized notions (Herreros 2011). The additional provisions of the TPP include the augmented intellectual property fortification with comprehensive regulations and greater enforcement requirements than what is stated in the TRIPS contracts. Besides this, the additional provisions of the present contract under consideration include inclusion of different g overnment procurement commitments that are covered under the particular Government Procurement Agreement stated in the WTO (James 2010). Again, the distinctive measures of the agreement include the competitive neutrality for state owned business concerns, different labour and environment codes along with the augmented dispute resolution for different issues that are under the purview of the present agreement. Impact on sensitive industries such as agriculture, intellectual property and services Impact on Agriculture As put forward by Kelsey (2010), the impact of the Trans-Pacific Partnership Agreement (TPP) on agriculture, intellectual property over and above services can help in analyzing the impact of the agreement on different on sensitive industries. The parties involved in the TPP agree to reduce different tariff as well as on-tariff barriers on different industrial goods. Again, the provisions of TPP aim to eliminate and to reduce tariffs and preventive strategies on different agricultural products (Kelsey 2013). Again, in case of agricultural products, different parties involved in the negotiation of the TPP agrees to reduce different tariff and other restraining strategies that in turn can enhance the agricultural trade in region and thereby develop the food security. Adding to this, this particular agreement averts and at the same time eliminates different agricultural export subsidies working together with the World Trade Organization in order to develop different orders on export stat e trading business concerns, export credits and limiting different timeframes permitted for different restrictions on food exports (Krist 2012). This agreement can therefore help in delivering enhanced food security in the specific nation. The parties involved in the TPP agreement has agreed to amplify transparency and collaboration on distinct actions associated to the agricultural biotechnology. Under different stipulations of the technical trade barriers under the TPP, diverse parties are required to permit the public to mention different proposed technical rules, regulations, standards and compliance evaluation procedures to inform different regulatory processes (Lewis 2009). This in turn can make it certain comprehensive understanding of the traders regarding the regulations that they essentially need to follow. The TPP takes into consideration different annexes that are associated to regulations of particular sectors that can promote general regulatory advances across dissimil ar TPP region. Therefore, the regulations of the technical trade barriers under the TPP helps in maintenance of transparency, different non-discriminatory regulations, standards and consistency evaluation process while preservation of the abilities of the parties of the TPP to attain different legitimate intentions (Lewis 2011). Impact on Intellectual Property The Intellectual Property (IP) under the Trans-Pacific Partnership Agreements comprises of patents, trademarks, geographical indications, copyrights, intellectual properties, industrial designs along with other enforcements of intellectual properties (Lim et al. 2012). Again, the TPP help in making business easy and assists in searching, registering and shielding the rights of the Intellectual Properties in different new emerging markets that is particularly significant for different small business concerns. As mentioned by Petri and Plummer (2012). The provisions of the intellectual property helps in establishment of the standards founded on TRIPS contracts of WTO Again, the TPP offers protection on trademarks by fortification of the brand names along with other signs. The different business entities and individuals can implement the regulations for the purpose of differentiation between products in the marketplace. The stipulations regarding the intellectual properties maintains tr ansparency and in due course provides protection of different geographical indication that can be identified and protected by means of different transnational contracts (Naoi and Urata 2013). Adding to this, the stipulations conditioned under the TPP includes different pharmaceutical associated provisions that can assist in the process of development of different innovative and life saving drugs and the availability of different generic forms of medicines by taking into consideration the time that is required by different parties to meet the standards (Petri et al. 2011). The stipulations regarding the intellectual property rights comprises of different commitments related to the fortification of different undisclosed test and additional data that is submitted to acquire authorization of marketing of agricultural chemical or else pharmaceutical products (Petri et al. 2012). In addition to this, the agreement reaffirms the stated commitments conditioned under the WTOs Declaration on the TRIPS Agreement and civic health. This in turn substantiates the fact that the parties in the contract are not prevented from undertaking different measures to shield the Public Health and including events of epidemics that includes the HIV. In addition to this, in case of copyright, the stipulation for the intellectual property institutes diverse commitments that require protection for different works, presentation and performance, phonograms that includes the software, books and songs among many others (Ranald 2011). The stipulations of the TPP therefore comprise of e fficient and balanced provisions for technological defenses computation and rights management information. The needs of the parties involved in the TPP include achievement of balance in different copyright systems, exception and at the same time restriction for different legitimate purposes even in the digital business environment. The parties involved in the TPP aims to establish and at the same time maintain a structured framework of safe copyright harbors for different internet service providers (Schott et al. 2012). Therefore, the requirements necessarily do not allow the parties to make safe harbors that are conditional on monitoring of the ISP for checking different infringing actions. Finally, the parties of the TPP consent to offer strong enforcement mechanism that induces different civil process, diverse provisional dimensions, border measures along with criminal proceedings for forged business-related trademark and piracy of copyrights and allied rights (Solis 2012). As su ch, it can be hereby ascertained that the parties of the TPP can offer diverse legal means for the purpose of prevention of diverse misappropriations of trade secrets. This helps in the process of establishment of different protective measures that includes the restricting criminal processes and penalties for trade secret theft carried out by way of cyber theft with cam cording (Williams 2013). Impact on Services As put forward by Yuan (2012), the Trans-Pacific partnership Agreement exerts immense influence on sensitive sectors that include the cross border deal in services. The parties involved in the TPP acknowledge the increasing significance of service trade. There are in all 12 nations that share an interest in liberalized trade in this area. Adding to this, the TPP comprises of different requirements that can be found in the WTO along with other trade agreements that suggests that no TPP nation can impose quantitative restrictions on the overall supply of different services or might possibly require a particular type of legal entity or else joint venture and regional presence (James 2010). Therefore, it implies that no nation might perhaps have the need for a supplier from a different nation for the purpose of establishment of an office or else an affiliate and do not need to become a resident in a particular territory in a bid to make service available to different consumers of the bus iness. Again, the parties to the TPP accept different obligations as stipulated under the negative list basis that in turn implies that the parties involved can undertake a non-conforming measure in any one of the two country specific extensions that are essentially related to the contracts (Gordon 2012). As such, the TPP includes different dimensions based on which a nation can formally identify the significance of diverse regulatory requirements for accelerate the contributions of insurance services provided by different licensed suppliers. Again, the TPP parties help in formulation of processes for the purpose of attainment of requisite outcome. Adding to this, the TPP takes into consideration definite commitments as regards portfolio management, electronic payment using card services and transmit of different information for the purpose of data processing (Gordon 2012). Therefore, it can be hereby ascertained that the financial Services can offer significant cross-border opportunities regarding gaining access to investment market, whilst ensuring that the respective Parties can keep hold of ability to adjust financial markets and foundations besides undertaking emergency steps in the incident of crisis (James 2010). Country Analysis: The current segment put special emphasis on the cases of the countries in the group 1 to 3: Australia, Canada, Japan, New Zealand, and USA among the 12 participating nations of TPP for investigation of the concepts of justice, fairness, and economic development of a nation. Trans-Pacific partnership Agreement (Australia) Historical Facts The Trans-Pacific Partnership Agreement (TPP) that essentially builds from the Trans-Pacific Strategic Economic partnership Agreement carried out between Brunei, Chile, New Zealand and Singapore that entered into action during the period 2006 (Armstrong 2011). However, the first rounds of negotiations of the TPP were conducted in Melbourne during March 2010. Nevertheless, being a contributor in the negotiations of the TPP enables Australia to take hold of different strategic opportunity to frame the regulations that can govern trade in the region. Presently, there are as such 12 negotiating parties that comprises of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam (Ranald 2011). The current parties of the TPP uphold the process of expansion of the TPP members to other nations located in the Asia Pacific Region. However, the primary aim of Australia is to expand the overall process of trade and venture between diffe rent TPP economies (Ranald 2011). Therefore, once the TPP agreements come into existence, it can co-exist with other free trade agreements. Concepts of justice, fairness, and nation's economic development Benefits of TPP in Australia Figure 1: Benefits for Australia (Source: Fergusson et al. 2013) The benefits of TPP in Australia include improved access to different new markets and elimination of tariffs on different goods. Australia pushes for the lessening of different barriers that are encountered by different service providers. Again, the TPP can create different opportunities for Australian investors and deliver different transparent regulations by service exporter. Thus, the analysis of the negotiations of the TPP reflects the maintenance of transparency in the regulations. Again, the elimination of the trade barriers replicates maintenance of justice and fair treatment to all businesses and augments the trade environment. A better trade environment can in turn ensure increased economic assimilation that can lead to the liberalization of trade in the Asia Pacific Region. The investigation of negotiations of the TPP in Australian can ensure fairness and justice by examination of different issues that are not addressed in different free trade contracts (Department of Foreign Affairs and Trade. 2016). TPP can ensure that the advantages of the agreement need to be extended to different small as well as medium sized business concerns. Moreover, the TPP can help in the process of strengthening the overall regulatory coherence among different partied involved in the overall agreement. Armstrong (2011) opines that TPP promotes the economic development and promotes transparency of different laws and directives. The TPP covers issue in the area of goods, services and others that in turn can ensure sustainability. The TPP covers various areas. In addition to this, the TPP provides different prospect associated to the market access into different export markets for the exporters of Australia across different industries. Thus, the TPP negotiation ensures sustaina bility of world trade that includes cumulation of goods. Therefore, the TPP can ensure the enhancement of the global supply chain (Department of Foreign Affairs and Trade. 2016). This helps in the transfer of Australian beef to Singapore along with beef from Canada, thereafter processed in Singapore, and subsequently exported under preferential rates to different TPP parties. This is something that cannot be undertaken as per the bilateral FTA (Department of Foreign Affairs and Trade. 2016). The elimination of different unnecessary obstacles to trade ensures sustainability. As such, the TPP comprises of WTO plus commitments that can be associated to conformity evaluation procedure, diverse international standards and maintenance of transparency. Australia is in search of tough investment fortification in the TPP and takes into account the inclusion of different provisions of Investor-State Dispute Settlement (ISDS) mentioned in the free trade agreements (Department of Foreign Affairs and Trade. 2016). Australia can ensure different non-discriminatory handling of Australian service suppliers in different TPP markets. Again, The TPP can augment prospects for Australian businesspersons seeking to penetrate and for the short-term stay in other TPP nations. This consists of requirements on dealing out immigration permits such as visas promptly, reducing fees and lucidity in addition to a work chart for potential collaboration (Armstrong 2011). The TPP intends to lessen restrictions that discriminate against different services exporters of Australia thereby ensuring justice, intelligibility and sustainability. Thus, the regulations regarding market accessibility, accumulation of goods, rules of origin, technical barriers to trade, investment, cross border trade in services, financial services, e-commerce and telecommunications, temporary entry of business persons, government procurement, state owned enterprises, intellectual property and labor ensures the maintenance of fairness and justice and sustainability (Department of Foreign Affairs and Trade. 2016). Figure 2: Issues Covered by TPP (Source: Department of Foreign Affairs and Trade 2016) Trans-Pacific Partnership Agreement in Canada The Trans-Pacific Partnership Agreement (TPP) can be considered as a significant regional trade agreement that Canada has agreed to at the time when the North American Free Trade Agreement (NAFTA) finished almost before two decades (International.gc.ca. 2016). In case of Canada, the TPP nations can be regarded as a collective group that can be considered as the largest trading partner of Canada, in which above 70 percent of trade of Canada essentially flows through the TPP areas (International.gc.ca. 2016). The top trading partners are from the TPP area that includes the US, Japan and Mexico. Canada already has existing trade contracts with the US and Mexico under the NAFTA (International.gc.ca. 2016). Canada enters into pacts with Chile as well as Peru that are conditioned under FTA of Canada-Chile and Canada-Peru (Cas.go.jp. 2016). The potential influence of the TPP contracts on Canada includes tariff reduction or else complete elimination, liberalization of both services trade and venture, institution of different TPP rules of origin in different automobile, textile industry, establishment of market entrance under supply administration system of Canada (International.gc.ca. 2016). The TPP agreement is said to boost the gross domestic product of Canada by around 0.12% over and above the baseline performance, thereby generating the GDP gains of roughly $4 billion (International.gc.ca. 2016). Canada already has lower levels of tariff protection. Therefore, the policy of liberalization under TPP can provide a net advantage for the country (Canada). The TPP can offer tariff savings for the Canadian exports in seven different FTA partner nations of roughly $428 each year where the majority of savings essentially come from Japan, Australia and Vietnam (International.gc.ca. 2016). Again, under the TPP contract, the economic gains primarily depend on the anticipated implications for Canadas business with its largest trading partner (United States). However, the economic ties of Canada with US under the TPP contracts depend on NAFTA Preferences, NAFTA Rules and fresh commitments. However, there are certain costs of not participating in TPP. The Canadian exporters can lose opportunities from enhanced access to markets of new seven new FTA partner nations conditioned under TPP. Again, there can be erosion of the NAFTA Preferences of Canada in both the US and the Mexican markets (B rookings. 2016). Therefore, an Economic investigation carried out by the Office of the Chief Economist at Global Affairs Canada advocates that the decision to participate in the TPP Agreement can produce long-term economic gain for Canada that can amount to $4.3 billion (International.gc.ca. 2016). Trans-Pacific Partnership Agreement in Japan As put forward by Auslin (2012), the Trans-Pacific Partnership Agreement (TPP) can ensure elimination or else reduction of tariffs especially in different agricultural products. However, the tariff phase outs differ between products and tariffs get eliminated immediately at the time when the contract comes into action. However, the other tariffs phase out over a particular period of time. This tariff elimination can place the US exports on a definite level playing field especially in Japan with regard to Japanese and varied products of the third nations and well ahead of diverse non-participating TPP competitors (Asia Society. 2016). Again, the TPP can significantly augment the opportunity for different sensitive products especially in Japan by means of a mixture of tariff lessening and expansion of admittance under the tariff rate quota. As indicated by Auslin (2012), the TPP can offer different benefits for different sectors of the agriculture in the US. Therefore, new prospects in Japan account for considerable share of the particular benefits. Trans-Pacific Partnership Agreement in New Zealand As put forward by Trade (2016), the Trans-Pacific Partnership Agreement refers to free trade contract that can liberalize business and investment within 12 Pacific rim nations. The contract was essentially signed by 12 different nations in February 2016, however has come into force (Tpp.mfat.govt.nz. 2016). Trade (2016) critically examines the contract and suggests that that the TPP is anticipated to provide New Zealand better market access to different globally important markets. Trade (2016) opines that the TPP is expected to branch out the trade and venture unions of New Zealand. Thus, the TPP agreements can provide New Zealand a platform for development of export of New Zealands goods and services that can be exported to different TPP nations in the year 2014 (Tpp.mfat.govt.nz. 2016). Figure 3: Contribution of New Zealand (Source: Tpp.mfat.govt.nz. 2016) Trans-Pacific Partnership Agreement in USA As indicated by Yuan (2012), most of the international contracts in the United States are essentially authorized by utilizing the Trade Promotion Authority that is known as the fast track endorsement. In this process of authorization, the US Congress is required to approve and conduct a yes or no vote for any type of agreement without any kind of alteration. However, the US passed a regulation providing consent to the fast track process in the year 2015 (World Bank Group. 2016). As put forward by Barfield and Levy (2009), different terms of the agreement of the Trans-Pacific Partnership Agreement (TPP) specifies that at the time when a particular deal is submitted to Congress, the respective authority needs to be responsive within the period of 90 legislative days. As indicated by Barfield and Levy (2009), there are several individuals who anticipate the Congress to vote regarding the bill either during the period of summer of 2016 or during the lame duck session that is after the elections of the year 2016. Nevertheless, during August 2016, the Senate majority leader Mitch McConnell mentioned that the vote in this regard is not expected to take place and further added that the vote will be around soon but the tentative date can be altered and worked on during the upcoming administration (World Bank Group. 2016). Discussion The academic literature provides an overview of different key characteristics and scope of the Trans-Pacific Partnership Agreement (TPP). The body of academic literature therefore helps in understanding the pros and cons of different obligations of the agreement along with the anticipated outcomes of signing the agreement (James 2010). In addition to this, the empirical studies on the TPP helps in understanding the impact of the particular agreement on the overall global trade and the economic gains from the contracts with special orientation to the consideration of maintenance of justice, fairness and sustainability. As suggested by Kelsey (2010), there are additional benefits associated to the TPP in comparison to other traditional trade agreements. In addition to this, the academic literature on the TPP helps in understanding diverse macroeconomic implications of the TPP with special reference to the trade environments of Australia, USA, Canada, New Zealand and Japan. As mentioned by Kelsey (2013), TPP is essentially a trade agreement that establishes new benchmark for world trade. The academic literature sketches out the key features of the contract. The analysis of the important features of the 21st century landmark agreement TPP reveals the fact that the particular agreement is deep and comprehensive that can aid the world trade by addressing a wide array of intricate trade policy issues that in turn goes well beyond the purview in addition to the scope of different trade contracts (Krist 2012). The assessment of the contract replicates the fact that TPP can lessen tariffs and other constrai nts of different non-tariff dimensions and at the same time harmonize different regulations in a bid to boost assimilation of the global supply chain and transnational investment (Krist 2012). The evaluation of the body of academic literature on the TPP reflects the fact that TPP can become a significant complement to many other trade policies in order to raise the medium term growth. The provisions of the agreement that helps in enhancement of the global trade and augmentation of the economic gains by shifting potential resources towards the effective corporations and facilitating expansion of the export markets (Lewis 2009). In addition to this, the TPP helps in production of the positive spill over advantages and different detrimental effects on diverse non-member nations that can be restricted. However, the harmonized regulatory regimes in export markets can create different positive spill over under TPP. The reports of economic assessment replicate the fact that the TPP can lift the trade opportunities of the participating nations by around 11% by the period 2030 (Lewis 2011). The analysis of the trade environment of Australia reveals the fact that the TPP agreement can lead to different commercial benefits and at the same time direct towards different strategic benefits in the Asia-Pacific region. The provisions of the trade agreement can add commercial value in Australia by means of improved supply chains, access to different new markets and reduced trade barriers (Naoi and Urata 2013). Therefore, it can be hereby ascertained that the provisions of the agreement can help the exporters of varied products and services in addition to the Australian investors in different TPP bourses. Besides this, the trade agreement can help in creation of a better environment for trade with enhanced economic integration. However, the liberalization of the trade throughout the particular Asia-Pacific region can foster economic gain. In addition to this, the maintenance of the regulatory coherence can help in ensuring evenhandedness and justice (Lewis 2011). Again, the prov isions of the agreement that aims at elimination of different unnecessary trade obstacles can help in maintenance of sustainability. However, the analysis of the provisions of the agreement replicates the fact that the TPP includes the WTO plus commitments that can be related to the conformity analysis process, different international standards and at the same time transparency. Thus, the TPP can facilitate economic gains and simultaneously can ensure maintenance of justice, integrity and sustainability (World Bank Group. 2016). Again, in case of Canada, the Economic enquiry carried out by the Office of the Chief Economist at Global Affairs Canada suggests that the judgment to take part in the TPP Agreement can produce long-term economic gain for Canada. The plan of liberalization under TPP can provide a net advantage for the country. In addition this, the exporters can gain advantage by utilization of enhanced admittance to the markets of the seven new markets of the FTA partners (Krist 2012). As such, the economic integration by way of trade liberalization, establishment of rules of origin in diverse textile and automobile segments and institution of the market entrance under the supply administration system of Canada can facilitate the trade by ensuring maintenance of justice, parity and sustainability. Again, this process of tariff elimination can place the US exports on a distinct level playing ground especially in Japan relating to Japanese and varied products of the third nations and well ahead of div erse non-participating TPP competitors (World Bank Group. 2016). The critical examination of the contract suggests that that the TPP is expected to provide New Zealand better market entrance to different globally significant markets and help in diversification of the trade and venture unions of New Zealand (Tpp.mfat.govt.nz. 2016). In the case of US, the analysis of the country reveals the fact that the United States accounts for roughly 60% of the total TPP gross domestic product (World Bank Group. 2016). Therefore, the economic size and tactical significance for different parties of TPP can become the beginning point of the TPP negotiation and in turn can significantly influence the outcome. Implications for international business in practice The implications of the Trans-Pacific partnership agreement on the international trade in practice involve various aspects of both the member as well as the non-member nations. The governing units of the nations view the liberalization policy of the TPP as an important driver for changes in the existing trade policies of the nations. The TPP directs towards enhancement of the institutional capacities that are not currently available to different developing nations. The capacity building and industrial assistance is building blocks of the agreement that can augment the overall global trade (Aggarwal and Urata 2013). The implementation of the different liberal rules of origin can enhance the trade practices of both the member as well as the non-member nations of the TPP. The TPP can positively affect the low as well as middle income economies such as Vietnam that can enjoy comparative advantage in labor and diverse natural resource intensive industries by means of tariff cut. Again, th e multilateral structure can help in broadening the gains to a wide array of nations and at the same time lessen different diversion effects for different non-members (Aggarwal and Urata 2013). Against the backdrop of sluggish trade growth, intensifying non-tariff obstacles to trade and insufficient advancement in worldwide trade negotiations, the TPP signifies an important milestone Aggarwal and Urata 2013). However, the TPP shows up among different FTAs owing to its features, purview, size, range and rulemaking (Administrator 2016). Nevertheless, the definitive implications remain uncertain. Therefore, in conclusion it can be said that the implications of the TPP on international business shall rely on whether the agreement is promptly adopted and at the same time efficiently put into practice, and whether it prompts prolific reforms in both developing as well as developed nations (Brookings. 2016). Thus, systemic effects, in sequence, will necessitate expansion of the particular reforms to international trade either by means of TPP magnification, competitive influences on different other trade contracts, or by establishment of advanced international regulations. References Administrator, W. 2016.USDA ERS - Home. [online] Ers.usda.gov. Available at: https://www.ers.usda.gov [Accessed 15 Sep. 2016]. 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