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Trans-Pacific Strategic Economic Partnership (SEP or P4 Agreement)
Area of Cooperation
Trade Relations, Intellectual Property, Government Procurement and Competition Policy
he Trans-Pacific Strategic Economic Partnership (SEP), also known as the P4 agreement, is a multilateral free trade agreement between the countries of Brunei, Chile, New Zealand and Singapore which was signed on 3 June 2005 and came into force on 28 May 2006.
The SEP is a floating summitt.wiith no headquarters.
The SEP is not established in a forum atmosphere.
Goals, Targets, Objectives:
The aim of the agreement is to eliminate 90 percent of all tariffs between member countries by January 1, 2006 and reduce all trade tariffs to zero by 2015. It is a comprehensive agreement covering all the mainstays of an FTA, including trade in goods, rules of origin, trade remedies, sanitary and phytosanitary measures, technical barriers to trade, trade in services, intellectual property, government procurement and competition policy.
The agreement has the potential to grow to include other nations as
the agreement includes an accession clause. This was particularly
apparent from the fact that negotiations originally included just three
countries (Chile, New Zealand and Singapore) and that Brunei was
subsequently included into the agreement. New Zealand's Associate Trade
Negotiations Minister Jim Sutton has indicated that some economies of the 21-member Asia Pacific Economic Cooperation forum have shown interest in it.